Ripple Expands to Portugal in a New Milestone, Targets Cross-Border Payments in Latin America

Ripple's growth has a new milestone with the digital asset infrastructure giant's expansion to Portugal. On Feb. 10, Ripple announced it

Payments technology firm Ripple has announced a new partnership in Portugal to expand its digital asset infrastructure.

On Feb. 10, Ripple announced it had partnered with Unicâmbio, a Portugal-based currency exchange provider, to bring Ripple Payments to the country.

This collaboration will see Unicâmbio enable cross-border payments for users. It will allow for faster, cheaper and efficient cross-border payments between users in Portugal and Brazil.

Ripple's growth has a new milestone with the digital asset infrastructure giant’s expansion to Portugal.

Transforming cross-border payments in Latin America

Per a press release, Ripple said the partnership expands its footprint in Europe. However, more than that, it strengthens the company’s impact on payments in the Portugal-Brazil corridor.

“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 up our payments solution to partners there,” Cassie Craddock, Ripple’s managing director of UK & Europe, said in a statement.

Commenting on the latest partnership Unicâmbio.executive board member Adriana Jerónimo said:

“Portugal and Brazil share deep economic and cultural ties, with significant money flows between the two countries. By leveraging blockchain technology we’re transforming money movement between the two nations.”

Unicâmbio’s corporate customers will leverage Ripple Payments for instant transfers and settlements.

Ripple's partnerships and presence in key regions

Ripple’s traction in Brazil and the Latin America region includes partnerships with Travelex Bank and Mercado Bitcoin, a major Latin America crypto exchange provider. Apart from South America, Ripple has a growing presence in Europe, the Middle East and North Africa (MENA) and Asia Pacific.

The company’s growth is down to its offering of the XRP cryptocurrency, XRP Ledger network and the Ripple USD (RLUSD) stablecoin.