Ripple has taken a significant step in expanding its European footprint, announcing a strategic partnership with Portuguese currency exchange provider Unicâmbio. The collaboration aims to facilitate seamless cross-border payments between Portugal and Brazil, strengthening the financial ties between the two nations.
The partnership marks Ripple’s first entry into the Portuguese market, reinforcing its global presence in digital asset-based financial solutions.
Strengthening Financial Ties Between Portugal and Brazil
Portugal and Brazil share a deep economic and cultural connection, with substantial financial transactions flowing between the two countries. By integrating Ripple’s blockchain-based payment solution, Unicâmbio aims to enhance the efficiency of these transfers, reducing transaction costs and settlement times for its corporate clients.
“Portugal and Brazil share deep economic and cultural ties, with significant money flows between the two countries,” said Adriana Jerónimo, Executive Board Member at Unicâmbio. “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.”
Ripple’s payment technology enables Unicâmbio to offer near-instant settlement for transactions, reducing inefficiencies in cross-border money movement. The partnership builds upon Ripple’s existing operations in Brazil, where the company has established relationships with financial institutions such as Travelex Bank and Mercado Bitcoin.
Expanding Ripple’s European Reach
The partnership with Unicâmbio is a milestone in Ripple’s broader expansion strategy in Europe. Cassie Craddock, Managing Director of UK & Europe at Ripple, emphasized the significance of the move, stating that more financial institutions are recognizing the advantages of blockchain technology in the evolving payments landscape.
“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,” said Craddock. “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.”
Ripple’s growing influence in the global payments industry has led to an extensive payout network covering more than 90% of daily foreign exchange markets, with a processing volume exceeding $70 billion. Despite this expansion, Ripple’s native cryptocurrency, XRP, saw a slight decline of 0.33% following the announcement, with its price resting at $2.44.
Portugal has seen a surge in cryptocurrency adoption, with over 268,000 investors engaging in digital assets like Bitcoin (BTC) and Ethereum (ETH). This growth is fueled by increased public awareness, improved infrastructure, and wider acceptance of digital currencies. Ripple’s entry into the Portuguese market aligns with this broader trend, providing businesses with innovative financial solutions that leverage blockchain technology.
