Ripple Enters Portugal, Unicâmbio Partnership Boosts Cross-Border Payments

Ripple, a leading blockchain-based payments company, has entered the Portuguese market by partnering with Unicâmbio, the country's leading currency exchange provider. This strategic move aims to enhance cross-border financial transactions between Portugal and Brazil by facilitating instant payments via crypto and Ripple Pay.

According to a recent update on Ripple's official handle, this collaboration marks Ripple's first venture into Portugal, further expanding its European presence and strengthening financial connectivity between the two nations. By integrating Ripple Pay, Unicâmbio's corporate clients can transfer funds instantly between Portugal and Brazil, eliminating traditional bottlenecks such as long settlement times, high fees, and reliance on outdated financial infrastructure.

Adriana Jerónimo, Executive Board Member at Unicâmbio, emphasized the transformative potential of this partnership: "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."

This partnership is a significant step in Ripple's European expansion strategy, reinforcing its position as a leader in blockchain-based cross-border payments. Cassie Craddock, Managing Director for the UK and Europe at Ripple, highlighted the importance of this development: "Our partnership with Unicâmbio is a significant milestone in Ripple’s European expansion. Portugal has developed a thriving crypto ecosystem, so we are delighted to open our payment solution to partners there."

Ripple's collaboration with Unicâmbio builds upon its established presence in Brazil, where it has partnered with Travelex Bank and Mercado Bitcoin. In October 2024, Ripple and Mercado Bitcoin launched a crypto-enabled cross-border payments solution in Brazil, initially focused on internal treasury operations between Brazil and Portugal, with plans to expand to corporate and retail customers. Travelex Bank, the first Brazilian bank licensed by the Central Bank of Brazil to operate in foreign exchange, partnered with Ripple to launch On-Demand Liquidity (ODL), with XRP being used to settle cross-border payments instantly.

Ripple's expansion into Portugal and its strengthening position in Brazil have major implications for Ripple and XRP. Increased utility for XRP is expected as more financial institutions leverage Ripple Pay, potentially driving long-term demand for XRP. This move also reinforces XRP's potential role