Ripple has forged a strategic partnership with Unicâmbio, Portugal’s oldest currency exchange, to facilitate instant cross-border payments between Brazil and Portugal using cryptocurrencies and Ripple Pay.
This collaboration aims to revolutionize remittances between the two nations, enhancing speed, efficiency, and cost-effectiveness in financial transactions.
A Milestone in Ripple’s European Expansion
The partnership with Unicâmbio marks a crucial step in Ripple’s expansion within Europe. According to Cassie Craddock, Ripple’s General Manager for the region, “Portugal has developed a dynamic crypto ecosystem, and this partnership represents a significant milestone in our efforts to modernize global payments.”
Through this agreement, Unicâmbio’s corporate clients will gain access to near-instant fund transfers, eliminating the delays and inefficiencies typically associated with traditional banking systems.
Using blockchain technology, the partnership is expected to simplify complex financial processes, reducing transaction costs and settlement times.
Unicâmbio board member Adriana Jerónimo emphasized the transformative impact of the deal, stating, “By using blockchain technology, we are reshaping the way money moves between Brazil and Portugal, making transactions faster and more cost-effective.”
Unicâmbio received approval from the Central Bank of Portugal to operate with cryptocurrencies in September 2023. This regulatory clearance paved the way for the exchange to integrate blockchain-based financial services, further solidifying Portugal’s reputation as a growing hub for digital assets.
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Ripple’s Growing Presence in Latin America and Beyond
This is not Ripple’s first venture into the Brazil-Portugal payment corridor. The company previously partnered with Mercado Bitcoin, one of Brazil’s largest crypto exchanges, to streamline transactions between the two countries.
Ripple’s expansion in Latin America has been growing steadily. In Brazil, the company has been working with Travelex Bank since 2022, utilizing blockchain technology to enhance cross-border payments. Globally, Ripple Payments now operates in approximately 90 countries, with the company holding over 60 licenses and regulatory approvals across various jurisdictions.
Further strengthening its regulatory framework, Ripple recently secured key Money Transmitter Licenses (MTLs) in New York and Texas. With over 50 MTLs in total, the company continues to establish itself as a compliant and reliable player in the global payment industry.
XRP’s Price Actions
Amid these developments, Ripple’s native token, XRP, is experiencing fluctuations in the market. As of the latest data, XRP is trading at $2.43, reflecting a 1.43% decline in the past 24 hours.
Despite this, trading volume has surged 41.83%, indicating continued market interest. The global cryptocurrency market capitalization currently stands at $140.33 billion.
With Unicâmbio’s approval to operate in the crypto sector and Ripple’s expanding partnerships, the adoption of blockchain-based payments in Portugal and Brazil is set to grow significantly.
The new payment infrastructure will likely attract businesses looking for seamless and cost-efficient international transfers.