Ripple has once again made headlines with its latest step to revolutionize cross-border payments. The blockchain giant has partnered with Unicâmbio, Portugal’s leading currency exchange provider, to bring crypto-enabled payments to the country. This move expands the cross-border payment service provider’s European footprint and strengthens financial ties between Portugal and Brazil.

Ripple Expands Into Portugal With Major Partnership

In the latest official blog post, Ripple announced its latest collaboration, marking a major milestone in its global expansion. The company announced that Unicâmbio will leverage Ripple Payments to enable near-instant cross-border transactions between Portugal and Brazil.

Cassie Craddock, Ripple’s Managing Director for the UK and Europe, emphasized the significance of this partnership. She stated:

“Portugal has developed a thriving crypto ecosystem so we are delighted to open up our payment solution to partners there, 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 tokenizing real-world assets, starting with bringing fiat currencies onchain to seamlessly send money across borders.”

Meanwhile, this partnership is expected to transform the payment corridor between the two nations. Traditional methods often involve high fees and slow processing times. However, by integrating blockchain technology, Unicâmbio’s corporate clients can now settle transactions in minutes at a fraction of the cost.

Strengthening Portugal-Brazil Financial Ties

Portugal and Brazil share deep economic and cultural bonds, making this partnership a strategic move for Ripple. Adriana Jerónimo, an executive at Unicâmbio, highlighted the benefits of blockchain in financial transactions.

“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 payment channels, delivering real value to our customers,” she stated.

The partnership further cements Ripple’s influence in Latin America. It builds upon existing relationships with key Brazilian firms, including Travelex Bank and Mercado Bitcoin, the region’s largest crypto exchange.

Ripple’s Growing Dominance In The Cross-Border Payments

Ripple has been a leader in digital asset infrastructure for over a decade. With over 90 regulatory licenses worldwide, the company continues to expand its financial services. Ripple Payments now supports transactions in more than 90 markets, covering 90% of daily foreign exchange (FX) volumes. The platform has processed over $70 billion in payments, making it one of the most trusted blockchain solutions for global financial institutions.

What’s Next For The Blockchain Firm?

Ripple has been on the investors’ radar lately. Notably, Donald Trump’s win in the US election has further bolstered its position in the crypto market with the current regulatory shift towards a pro-crypto environment. Simultaneously, Ripple CEO Brad Garlinghouse also lauded the latest crypto development in the US, calling it a “big deal” for the industry.

In addition, it also fuels speculations over a potential conclusion in the long-running Ripple Vs SEC lawsuit. If this happens, it could further boost the company’s appeal to the market participants. Besides, its native crypto has also gained traction due to several positive developments in the market.

Although the price action remains stagnant with predictions coming of a potential XRP price crash, many experts remained bullish on the long-term trajectory of the coin. In addition, the leading players are also advancing to launch an XRP ETF in the US.

This also cements Ripple’s position, among others, as a leading blockchain player in the US. Simultaneously, this new partnership indicates that the blockchain firm is not limiting itself to any particular region but also focusing on its global expansion.

The post Ripple Hits Major Milestone For Global Crypto Payment Expansion appeared first on CoinGape.

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Filed under: News - @ February 10, 2025 12:19 pm