Align Commerce, a US-based payment solution provider, has opened its blockchain-based payment corridor to Brazil, which will allow businesses to send and receive payments to and from the country.
The company’s multi-rail technology combines the blockchain with traditional payments, simple invoicing and real-time payments tracking.
The establishment of the payment corridor comes months ahead of the 2016 Summer Olympics, which is expected to draw approximately 400,000 visitors to Brazil from across the world.
Align Commerce CEO and founder Marwan Forzley said: "With the increase in bilateral trade and economic relations between the United States, Europe and Brazil, it is vital that Align Commerce helps our companies who pay their suppliers in Brazil by giving them access to Brazilian goods, services and talent.
"Our Brazil corridor eliminates the decades-old obstacles of sending and receiving money internationally, opening up endless possibilities for increased productivity and trade with the country’s $3.3 trillion economy."
In February 2016, the company established its China corridor.