Ripple Partners with Unicâmbio to Expand Cross-Border Payments in Portugal

Ripple has expanded its presence in Europe by partnering with Unicâmbio, a Portuguese currency exchange provider, to facilitate cross-border payments between Portugal and Brazil. This collaboration marks the first time Ripple’s payment solutions are available in Portugal, reflecting a strategic step in Ripple’s European growth.

The partnership will enable businesses in both countries to send funds and settle payments efficiently, reducing the time and friction typically associated with cross-border transactions. By leveraging blockchain technology, Ripple aims to streamline the transfer of value between Portugal and Brazil, where there is already a significant amount of money movement due to the countries’ economic and cultural ties.

Ripple has been operating in Brazil for some time, with key clients like Travelex Bank and Mercado Bitcoin already utilizing its solutions. Cassie Craddock, managing director of Ripple in the UK & Europe, highlighted that more institutions like Unicâmbio are adopting blockchain technology to optimize their payment processes.

Adriana Jerónimo, executive board member at Unicâmbio, emphasized that the collaboration aims to transform the movement of money between the two nations, benefiting from the efficiencies of blockchain.

Ripple now claims to have near-global coverage, processing over $70 billion in volume across more than 90 payout markets, covering more than 90% of the daily foreign exchange markets.

Despite this positive development, XRP, Ripple’s native token, has experienced a slight dip of 0.33%, with the current price sitting at $2.44. This news comes as Portugal experiences a rise in cryptocurrency investment, with more than 268,000 people in the country now holding assets like Bitcoin (BTC) and Ethereum (ETH), a sign of the growing interest in digital currencies within the region.