Ripple teams up with Unicâmbio to facilitate near-instant Brazil-Portugal payments
Ripple sees the partnership as a major step in their European expansion.
Key Takeaways
- Ripple has teamed up with Unicâmbio to enable instant cross-border payments between Portugal and Brazil.
- Unicâmbio's corporate clients will benefit from near-instantaneous settlement and reduced costs.
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Ripple said Monday the firm is partnering with Unicâmbio, a leading financial services company in Portugal, to enable instant cross-border payments between Portugal and Brazil. As part of the partnership, Unicâmbio will utilize Ripple Payments to settle payments for their corporate customers.
Developed by Ripple Labs, Ripple Payments is a payment network aimed at revolutionizing international money transfers by providing real-time settlement, lower costs, and increased transparency.
The partnership marks the first time Ripple’s payment solution is available in Portugal, expanding their European reach.
“Portugal has developed a thriving crypto ecosystem so we are delighted to open up our payments solution to partners there,” said Cassie Craddock, Managing Director, 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.”
According to Adriana Jerónimo, a board member at Unicâmbio, the partnership is expected to make Portugal-Brazil transactions faster and cheaper, ultimately benefiting Unicâmbio’s customers.
“Portugal and Brazil share deep economic and cultural ties, with significant money flows between the two countries,” said Jerónimo. “By leveraging blockchain technology we’re transforming money movement between the two nations.
The strategic collaboration complements Ripple’s existing relationships with major Brazilian financial institutions like Travelex Bank and Mercado Bitcoin.
In October 2024, Ripple inked a partnership with Brazilian exchange Mercado Bitcoin to enhance international payment capabilities with a business-focused solution.
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