Blockchain payments firm Ripple is drawing criticism among XRP community members over its alliance with Portuguese payments firm Unicambio. The concerns vary, but they mostly center on its relevance.
Ripple’s latest European partnership has spurred mixed reactions in the XRP community. Some industry experts are questioning its significance.
Last month, the firm announced a partnership with Unicâmbio, a Portuguese financial services provider. The collaboration intends to strengthen cross-border transactions between Portugal and Brazil.
Ripple Expands Crypto Payments to Portugal
Notably, this move comes as the European Union advances its implementation of the Markets in Crypto Assets (MiCA) regulation, which is driving more businesses toward digital asset adoption.
According to Ripple, the partnership is expected to optimize and speed up Portugal’s payment corridor. For context, the payment gateway has long been criticized for slow processing times and high transaction costs.
Meanwhile, this latest partnership will help Unicâmbio’s corporate clients make international transfers faster and at lower rates.
In addition, the collaboration will involve Ripple’s existing Brazilian partners, Mercado Bitcoin and Travelex Bank, to strengthen the payment flow between the two countries.
Analysts Downplay the Announcement
However, not everyone is convinced that this development is a big deal. For example, a prominent XRP community analyst has argued that corporate clients were already using Ripple’s payment solution, making the partnership less of a major shift.
Furthermore, the announcement did not specify which digital assets would be involved in the transactions, whether XRP, Ripple’s stablecoin RLUSD, or another currency, leaving room for uncertainty.
At the same time, questions have been raised about the structure of Unicâmbio’s collaboration with Mercado Bitcoin and Travelex Bank. Some industry figures have pointed out that the announcement lacks clarity on whether this is a formal partnership or a connection between entities already operating in the same markets.
Meanwhile, Ripple continues to push for expansion in Europe. They have secured groundbreaking partnerships with major financial institutions such as BBVA Switzerland and DZ Bank.
Ripple’s efforts align with a broader strategy to integrate blockchain payments into the traditional financial system. However, the crypto community is waiting to see if this latest move will bring significant change or reinforce Ripple’s existing network.
Last month, Germany-based DekaBank announced its plan to utilize Ripple Labs Inc’s Custody solution to provide crypto trading and custody services for its institutional clients. This recent event further demonstrated Ripple’s XRP utility in the broader financial community.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
