Mercado Bitcoin, the largest crypto Exchange in number of registered customers in Brazil, will list Ripple’s cryptocurrency XRP on its platform. The announcement was made through a press release on Tuesday.
Starting today, Brazilian users can buy and sell the digital asset, the third largest in the world in total market value. By now, users can buy 4 different currencies on the platform: Bitcoin, Litecoin, Bitcoin Cash and Ripple.
The company said the idea is to offer customers “coins that have relevance and bring value to the customer.”
According to Gustavo Chamati, CEO of Mercado Bitcoin:
“The expansion of the portfolio represents an important step in our growth strategy this year, which includes an even greater professionalism in business management, improvements in customer service and relationships, and investments of around R$ 10 million in security of information,”
Biggest Exchange in Brazil
Mercado Bitcoin is currently the Brazilian Exchange with the largest volume of bitcoin traded in Brazil. In October, Mercado Bitcoin traded 960 BTC so far, while in September the overall volume was 4.150 BTC. This volume represents more than 30% of the Brazilian market.
Ripple is a distributed payment protocol created in 2011. The goal is to allow secure and instant payments of any size, with very low fees. Ripple supports tokens that can represent physical coins, gold, miles or whatever. XRP is the official currency of the system.
The system is being adopted by many institutions like banks and the like, as these are precisely their focus. Ripple uses Blockchain technology to replace the system banks use to carry out their transactions. With the new technology, a 3 days confirmation period can be reduced to only a few seconds.
The XRP currency is currently the cryptocurrency with the third highest value of all digital assets, only behind Bitcoin and Ethereum, with a market capitalization of 18.6 billion US dollars.