For the first time, RLUSD issuer, Ripple Labs has expanded to Portugal. By partnering with Unicambio, it hopes to boost remittance between Portugal and Brazil.
On Monday, Ripple Labs, a leading blockchain payment company, announced a breakthrough: a new partnership with Unicâmbio, a Portuguese currency exchange provider. According to a post released on X by the company, this collaboration will enable faster cross-border payments.
Expanding Ripple’s Reach in Europe
It is worth mentioning that this is the first time the Ripple payment solution is available in Portugal.Â
Following the integration of Ripple technology with Unicâmbio, their clients can make payments between Portugal and Brazil as quickly as possible. This will reduce both the time and cost of cross-border transactions.Â
Planting the Ripple flag in Portugal today with Unicâmbio, our first Portuguese client and the country’s leading currency exchange provider! Using Ripple Payments, their corporate customers can now move funds near instantly between 🇵🇹 & 🇧🇷. https://t.co/ruOdZnHtAT
— Ripple (@Ripple) February 10, 2025
Furthermore, Cassie Craddock, Managing Director of UK & Europe at Ripple, explained that one of the reasons behind this move is Portugal’s thriving crypto ecosystem. Leveraging this system, she noted, will benefit both Ripple and its clients. Â
“We are excited to offer our payment solutions to new partners here. By connecting Portugal and Brazil through our payment networks, we are enabling faster, more cost-effective payments while also strengthening the economic bridge between the two countries,” Craddock added.
In addition, Adriana Jerónimo, a board member at Unicâmbio, said the partnership is possible because Portugal and Brazil share deep economic and cultural ties, with significant money flows between them.Â
Using Ripple blockchain technology, the partnership is expected to speed up transactions between Portugal and Brazil and lower costs for Unicâmbio’s customers.
Ripple Labs’s Growing Influence in Latin America and Beyond
Ripple’s presence in Brazil continues to grow, with important clients such as Travelex Bank and Mercado Bitcoin already using its technology. Its payment solutions now cover over 90 percent of the global foreign exchange market, processing more than 70 billion dollars in volume.Â
With over 60 regulatory licenses worldwide, Ripple is well-positioned to support financial institutions. It plans to do this by securely and efficiently tokenizing, storing, exchanging, and moving digital assets securely and efficiently.
This partnership further strengthens Ripple’s role in improving global cross-border payments by using its blockchain technology.
Meanwhile, Ripple recorded its largest mint last week since its United States dollar-pegged stablecoin RLUSD went live on the XRP Ledger. 9,100,000 RLUSD was minted at the RLUSD Treasury within 24 hours. This stablecoin product boosts its payment capabilities as well.
In January, Ripple became a platinum member of the American Bankers Association in 2024. This membership gives Ripple access to a network of more than 4,000 banks.
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