Ripple has announced a partnership with Unicâmbio, a Portuguese currency exchange provider, to facilitate cross-border payments between Portugal and Brazil, marking its first payment solution deployment in Portugal, according to the press release on February 10.
This collaboration signals a step forward in Ripple’s European expansion, aiming to streamline transactions for corporate clients by enhancing speed and efficiency while reducing friction.
Ripple already has an established presence in Brazil, working with clients such as Travelex Bank and Mercado Bitcoin. Commenting on the expansion, Cassie Craddock, Ripple’s managing director for the UK and Europe, noted that more institutions, including Unicâmbio, are embracing blockchain technology to leverage its benefits.
The partnership is particularly significant given the deep economic and cultural ties between Portugal and Brazil, which see substantial money flows between the two nations. Adriana Jerónimo, Unicâmbio’s executive board member, emphasized that blockchain is transforming the way money moves between the two countries, reinforcing the value of this collaboration.
With this latest move, Ripple claims to have achieved “near-global coverage,” expanding its reach to over 90 payout markets. According to the press release, these markets represent over 90% of daily FX transactions, with Ripple processing over $70 billion in volume.
Portugal’s growing interest in cryptocurrency further strengthens this development. A recent survey by Triple-A reported that over 268,000 people in the country are investing in digital assets like Bitcoin and Ethereum. The report attributed this surge to increased public awareness, improved infrastructure, and broader crypto adoption.
Meanwhile, Ripple is expanding its presence in the U.S. by securing money transmitter licenses in Texas and New York, which will enhance its operations for cross-border payments. This development, announced on January 27, responds to strong demand for real-time global payments from banks and crypto firms. Joanie Xie, Ripple’s regional director for North America, noted increasing institutional interest in using crypto and blockchain for faster and more cost-effective payment solutions.
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