Ripple works with Unicâmbio to allow fast Portugal-Brazil cross-border payments, boosting its European reach and improving bilateral connections.
Ripple, the firm behind XRP, partnered with Unicâmbio, a Portuguese currency exchange. The partnership uses Ripple’s payment system to enable rapid cross-border payments between Portugal and Brazil.
In a February 10 news release, the firm highlighted the agreement as the first time its services were offered in Portugal, expanding its EU footprint. Intended to enhance the financial corridor between the two Portuguese-speaking countries.
The partnership helps Ripple expand in Latin America, notably in Brazil, where it has strong partnerships with large financial institutions.
Travelex Bank uses the US-based firm’s payment service since 2022. Mercado Bitcoin, Latin America’s biggest crypto exchange, joined Ripple in late 2024.
“We are happy to announce this relationship with Unicâmbio [this is a] important milestone in Ripple’s European expansion,” said Cassie Craddock, Ripple’s UK and Europe Managing Director.
Ripple’s blockchain-based payment technology simplifies international transactions. Payment will be near-instant and cheaper than using existing methods.
“Portugal has a vibrant crypto sector, and by integrating our payment networks in Portugal and Brazil, we enable quicker and cheaper cross-border payments. This partnership improves these two crucial markets’ economic ties.”
The corporation will also promote Ripple USD (RLUSD) across Europe. It will compete with Tether’s USDT, which is experiencing regulatory issues owing to the EU’s Markets in Crypto Assets law.
Unicâmbio Executive Board Member Adriana Jerónimo stated the payments network would improve Portugal-Brazil commercial and cultural relations.
With considerable financial flows between the two nations, Ripple’s collaboration enables us to revolutionize cross-border money transfers, Jerónimo said. “Ripple’s crypto-enabled technology substantially cuts costs and speeds transactions, benefiting our customers.”
XRP, Ripple’s native cryptocurrency, has struggled to launch a continuous market bull run despite a series of “bullish” reports about its growth to additional nations.
After a run from $2.10 to $3 at the end of January, XRP has been correcting for almost two weeks. Coingecko data shows XRP selling at $2.42 on February 10, down more than 10% from its intraweek high of $2.77.
XRP’s TradingView price chart suggests $2.55 as immediate resistance. More obstacles appear at $2.60 and $2.80. XRP remains above key support levels despite a recent dip.
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