Ripple and Unicâmbio revolutionize crypto-enabled cross-border payments between Portugal and Brazil
Ripple's payment network boasts near-global coverage
In a significant advancement for global cryptocurrency payments, Ripple has partnered with Unicâmbio, Portugal's leading currency exchange provider, to facilitate instant cross-border transactions between Portugal and Brazil.
This collaboration marks Ripple's inaugural venture into the Portuguese market, enhancing its European presence and strengthening the financial link between the two nations.
Enhancing cross-border transactions
By integrating Ripple's payment solution, Unicâmbio's corporate clients can now transfer funds and settle payments almost instantly, significantly reducing the time and costs associated with traditional cross-border payment methods.
This development is particularly impactful given the substantial economic and cultural connections between Portugal and Brazil, which result in considerable financial exchanges.
Adriana Jerónimo, Executive Board Member at Unicâmbio, emphasized the transformative potential of this partnership: "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 expanding European footprint
This partnership builds upon Ripple's established presence in Brazil, where it collaborates with prominent institutions such as Travelex Bank and Mercado Bitcoin, Latin America's largest cryptocurrency exchange.
Globally, Ripple's payment network boasts near-global coverage, processing over $70 billion in volume across more than 90 payout markets, representing over 90% of daily foreign exchange markets.
Cassie Craddock, Managing Director for the UK and Europe at Ripple, highlighted the significance of this expansion: "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."
Prospects for crypto-payments
As the global cross-border payments market continues to grow, Ripple's collaboration with Unicâmbio exemplifies the increasing adoption of blockchain technology to enhance financial transactions. This partnership not only streamlines payments between Portugal and Brazil but also sets a precedent for future innovations in the financial industry.
With over a decade of experience in the digital asset space and holding more than 60 regulatory licenses and registrations worldwide, Ripple is well-positioned to continue expanding its services and fostering similar partnerships in other regions.
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