Ripple has teamed up with Portuguese currency exchange provider Unicâmbio to facilitate instant cross-border payments between Portugal and Brazil.
This partnership introduces Ripple Payments to Portugal, bolstering the payment corridor between Portugal and Brazil, while expanding the blockchain firm’s European presence.
Go deeper with GlobalData
Unicâmbio’s corporate clients can transfer funds and settle payments.
The collaboration builds on Ripple’s established presence in Brazil, where it has been working with customers such as Travelex Bank since 2022.
Additionally, Mercado Bitcoin, the cryptocurrency exchange in Latin America, joined Ripple’s network in the latter part of the previous year.
Ripple stated that it is positioned to offer services that financial institutions require to tokenise, store, exchange, and move digital assets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccording to the company, Ripple’s network currently includes over 90 payout markets, having processed over $70bn in transaction volume.
Ripple UK & Europe managing director Cassie Craddock said: “Our partnership with Unicâmbio is a significant milestone in Ripple’s European expansion. Portugal has developed a thriving crypto ecosystem so we are delighted to open up our payments solution to partners there.
“By connecting our payment networks in Portugal and Brazil we are facilitating faster, more cost-effective cross-border payments, while strengthening the economic bridge between these two major markets.”
Unicâmbio executive board member Adriana Jerónimo said: “By leveraging blockchain technology we’re transforming money movement between the two nations. Ripple’s crypto-enabled payments solution enables near-instant settlement and drastically reduces costs compared to traditional payments channels, delivering real value to our customers.”
In December 2024, Ripple introduced Ripple USD (RLUSD), an enterprise-grade, USD-denominated stablecoin backed by US dollar deposits, US government bonds, and cash equivalents.
Last month, Ripple announced the adoption of the Chainlink standard to offer pricing data for its RLUSD stablecoin, with an aim to broaden the use of RLUSD in the onchain economy.
