Ripple, a leading provider of digital asset infrastructure for financial institutions, has partnered with Portuguese currency exchange provider Unicâmbio to offer instant, blockchain-powered cross-border payments between Portugal and Brazil.
For context, this collaboration is the first time Ripple’s payments solution will be made available in Portugal, marking a significant step in the company’s European expansion.
Ripple and Unicâmbio: Enhancing Portugal-Brazil Money Transfers
The partnership, announced on February 10, will allow Unicâmbio’s corporate customers to move funds and settle payments in minutes, leveraging Ripple’s blockchain technology to reduce costs and increase the efficiency of cross-border transactions.
Ripple’s payments solution will streamline the flow of money between Portugal and Brazil, improving the speed and cost-effectiveness of remittances and business payments between the two nations.
“Our partnership with Unicâmbio is a significant milestone in Ripple’s European expansion,” said Cassie Craddock, Managing Director for UK & Europe at Ripple. “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.”
Blockchain Technology for Faster and Cheaper Transactions
Ripple’s payments solution relies on blockchain technology to offer real-time settlement, reducing the friction and delays associated with traditional banking methods. This innovation offers a significant advantage to businesses and individuals sending money between Portugal and Brazil, which share strong economic and cultural ties.
The partnership builds upon Ripple’s established presence in Brazil, where it works with leading institutions like Travelex Bank, which joined Ripple’s network in 2022, and Mercado Bitcoin, Latin America’s largest cryptocurrency exchange.
Ripple’s digital asset infrastructure has been integral in facilitating cross-border payments in Brazil, further strengthening its position in Latin America.
The Unicâmbio partnership represents an important step in Ripple’s ongoing efforts to expand its services in Europe and Latin America.
