Ripple Lands in Portugal: Launch Instant Brazil Payments

• Partnership with Unicâmbio marks Ripple’s first presence in the Portuguese market.
• Ripple Payments enables near-instant cross-border transactions between Portugal and Brazil.
• The collaboration facilitates faster, cheaper payments, boosting trade between the two countries.

Ripple has teamed up with Portuguese currency exchange provider Unicâmbio to facilitate instant cross-border payments between Portugal and Brazil. This marks the blockchain firm’s first foray into Portugal, expanding its European presence and strengthening the vital Portugal-Brazil payment corridor.

With the help of Ripple Payments, Unicâmbio’s corporate clients can now transfer digital assets and settle payments within minutes. Cassie Craddock, the firm’s MD, described the partnership as a significant milestone, highlighting Portugal’s thriving crypto ecosystem. Craddock also stated that Ripple’s decade-long experience in tokenizing real-world assets will help provide cutting-edge blockchain solutions.

Ripple Lands in Portugal: Launch Instant Brazil Payments 3

Adriana Jerónimo, Executive Board Member at Unicâmbio, explained that by harnessing the firm’s crypto-enabled payment solution, the oldest crypto exchange is transforming money movement, offering near-instant settlement and significantly lower costs compared to traditional methods.

With established Brazilian clients such as Travelex Bank and Mercado Bitcoin, Ripple is a major player in cross-border payments. The firm’s extensive network coverage and regulatory licenses, position it as a key player in the global cross-border payments market.

Ripple Reaches 90% FX Market Coverage, Processing $70B+ in Volume

The blockchain firm has earlier partnered with the Central Bank of Mexico to explore the potential of XRP as the intermediary platform connecting the Mexican peso [MXN] and the US dollar. This strategic decision was disclosed through an excerpt from an official document on the Bank of Mexico’s website,. The initiative is part of the firm’s innovative ODL [On-Demand Liquidity] solution, which utilizes XRP for facilitating cross-border Treasury flows.

Overall, Ripple Payments has near-global coverage with 90+ payout markets representing more than 90% coverage of the daily FX markets, processing more than $70 billion in volume. The firm has over a decade of experience in the digital asset space and holds 60+ regulatory licenses and registrations in various jurisdictions.