Ripple is partnering with Unicâmbio to transform cross-border payments between Portugal and Brazil. Unicâmbio, a Portuguese currency exchange provider, will use Ripple Pay to make business faster and easier.
Ripple’s XRP token has seen notable corrections in the past week, and this deal hasn’t changed bearish momentum. However, in the long term, it may present a lucrative revenue stream as the partnership broadens the utility of the XRP Ledger.
Unicâmbio to Levereage Ripple’s XRP Ledger
For most of the crypto industry’s history, cross-border payments have been an essential sector of interest. Some major national economies have prioritized this use case as a key function of digital payment chains.
Ripple is expanding its interest in this field by partnering with Unicâmbio to facilitate payments between Brazil and Portugal. The platform will be able to use Ripple’s XRP Ledger to process payments in real-time.
“Our partnership with Unicâmbio is a significant milestone in Ripple’s European expansion. 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,” said Cassie Craddock, Ripple’s Managing Director, UK & Europe.
All the players in this story have experience in the field. Ripple has long maintained an interest in cross-border payments, even facilitating a similar program between Japan and Brazil.
Brazil’s Central Bank also partnered with Chainlink and Microsoft to build cross-border payments, while Portugal’s own Central Bank favors a global crypto framework.
Unicâmbio is a Portuguese currency exchange provider, and it will use Ripple Pay to facilitate payments from its home country to Brazil and vice versa. In this move, Ripple will leverage its pre-existing Brazilian presence to expand operations in Europe. The two countries have strong economic ties, making this deal potentially lucrative.
Ripple could use a lucrative deal right now, and its connections in Brazil may help deliver one. Despite the firm receiving major good news, its XRP token has performed dismally over the last few days. Its bearish momentum recently hit a three-month high, as network activity also declined.
For now, however, the Unicâmbio announcement has had a negligible price impact. Ripple may be able to use cross-border payments between Brazil and Portugal as a test case and conduct similar operations worldwide.
Ultimately, however, long-term plans like this may hinge on this partnership’s success.
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