Ripple has partnered with Unicâmbio, a Portuguese currency exchange provider, to facilitate cross-border payments between Portugal and Brazil. This collaboration, announced on February 10, marks Ripple’s first launch in Portugal and represents a key step in the company’s European expansion.
By teaming up with Unicâmbio, Ripple will enable businesses in both countries to send funds and settle payments more efficiently, reducing the time and friction involved in cross-border transactions. The partnership aims to significantly streamline value transfers between Portugal and Brazil.
Ripple has already established a presence in Brazil, with companies like Travelex Bank and Mercado Bitcoin using its services. Cassie Craddock, Ripple’s Managing Director for the UK and Europe, highlighted that more institutions, such as Unicâmbio, are recognizing the advantages of blockchain technology for improving payment systems.
“Portugal and Brazil have strong economic and cultural ties, with significant financial flows between the two nations,” said Adriana Jerónimo, Executive Board Member at Unicâmbio. “By utilizing blockchain technology, we’re transforming the movement of money between these countries.”
With this partnership, Ripple claims it now has “near-global coverage,” operating in over 90 payout markets and processing more than $70 billion in transactions annually, representing over 90% of the daily foreign exchange market.
Despite this expansion, the price of XRP has fallen by 0.33%, sitting at $2.44. Meanwhile, cryptocurrency investment in Portugal continues to grow, with over 268,000 people now investing in assets like Bitcoin and Ethereum, fueled by greater public awareness and better infrastructure.
