Ripple Expands European Presence via Partnership with Portugal’s Largest Foreign Exchange Bureau

Ripple has unveiled a new partnership with Unicâmbio, Portugal’s oldest and most prominent foreign exchange bureau.

For context, the collaboration will leverage Ripple Payments to facilitate instant, low-cost cross-border payments between Brazil and Portugal.

With the integration of Ripple’s payments solution, Unicâmbio’s corporate clients can transfer funds and settle payment transactions within minutes. This would significantly reduce the time and cost associated with traditional payment systems.

Notably, this deal represents Ripple’s first foray into the Portuguese payment market. Moreover, it marks a key step in its European expansion. As Portugal has developed a thriving crypto ecosystem, Ripple’s entry strengthens its financial connections between Portugal and Brazil.

Ripple Expanding Crypto Asset Network in Brazil and Beyond

It bears mentioning that Ripple has already established a strong presence in Brazil. The firm boasts notable partners such as Travelex Bank and Mercado Bitcoin, the biggest crypto exchange in Latin America. 

Accordingly, this new partnership builds on Ripple’s existing connections in Brazil, enhancing the infrastructure for seamless cross-border payments within the region. 

Essentially, Ripple is strengthening its position as a key player in the global cross-border payments market by enabling quicker and more affordable payments. In the announcement, Cassie Craddock, Ripple’s UK & Europe Managing Director, highlighted the significance of the latest collaboration.

Likewise, Adriana Jerónimo, Executive Board Member at Unicâmbio, highlighted the impact of this partnership on the money transfer process.

Ripple’s Crypto Payments Solution Revolutionizing Global Money Transactions

The partnership taps into the power of blockchain technology to enable near-instant settlement and reduce the costs traditionally associated with cross-border transactions. 

Ripple’s crypto-enabled payments solution makes it easier to send money across borders without relying on legacy financial systems. Its ability to tokenize, exchange, and store crypto assets makes it a strong contender in the expanding global cross-border payments market. 

Ripple Payments offers extensive global coverage, with multiple payout markets, handling over $70 billion in transactions. Notably, Ripple holds over 60 regulatory clearances across various jurisdictions.