Ripple expands its presence in the European crypto market with a strategic partnership that brings instant cross-border payments to Portugal and Brazil, leveraging XRP Ledger for fast and secure transactions.
Ripple has partnered with Unicâmbio, a Portuguese currency exchange provider, to support instant international payments between Portugal and Brazil. This partnership marks Ripple‘s first foray into the Portuguese market.
Ripple is a real-time gross settlement system (RTGS) and exchange network that enables the transfer of money across different countries.
Founded in 2004, Ripple uses a distributed ledger technology to facilitate fast and secure transactions.
The platform allows financial institutions to settle cross-border payments in real-time, reducing transaction costs and increasing efficiency.
With over 200 partners worldwide, including banks and payment providers, Ripple has become a leading player in the digital payment space.
The partnership will enable Unicâmbio‘s corporate customers to move funds and settle payments in minutes using Ripple‘s payment platforms. The service utilizes ‘digital assets‘ for faster and cheaper cross-border settlements. This collaboration is expected to facilitate more efficient international transactions between Portugal and Brazil.
Cassie Craddock, Managing Director of UK & Europe at Ripple, stated that Portugal has developed a thriving crypto ecosystem, making it an attractive market for the company’s payments solution. By connecting payment networks in Portugal and Brazil, Ripple aims to strengthen the economic bridge between these two major markets.
Ripple payments use the XRP Ledger, which allows users to send and receive different currencies, including fiat money and Cryptocurrency“>crypto assets[/highlight], through a network of financial institutions using the XRP token. This technology enables fast and secure cross-border transactions, making it an essential component of Ripple‘s payment platforms.
By expanding into Portugal’s crypto ecosystem, Ripple is taking another step towards its goal of increasing the efficiency and accessibility of global payments.
