Ripple, the digital asset infrastructure provider for financial institutions, is teaming up with Portuguese currency exchange provider Unicâmbio to support instant cross-border payments between Portugal and Brazil.
Through the partnership, Unicâmbio will use Ripple Payments, which leverages digital assets to make cross-border payments faster and cheaper.
The collaboration marks the first time that the payment solution from Ripple is available in Portugal, expanding the digital asset provider’s European footprint while strengthening the Portugal-Brazil payments corridor. By leveraging Ripple’s payments solution, Unicâmbio’s corporate customers will be able to move funds and settle payments in a matter of minutes – reducing the time and friction to make moving value dramatically more efficient.
“Portugal has developed a thriving crypto ecosystem so we are delighted to open up our payments solution to partners there,” explained 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.
“Ripple has over a decade of experience in tokenising real-world assets, starting with bringing fiat currencies on-chain to seamlessly send money across borders. As the global cross-border payments market continues to expand, more institutions like Unicâmbio are leaning in to benefit from the inherent benefits of blockchain technology.”
“Portugal and Brazil share deep economic and cultural ties, with significant money flows between the two countries,” said Adriana Jerónimo, executive board member at Unicâmbio. “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.”
The partnership builds upon Ripple’s established presence in Brazil with customers including Travelex Bank, which has been a Ripple partner since 2022, and Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, which joined Ripple’s network late last year.
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