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Ripple Partners with Unicâmbio to Expand Crypto Payments in Europe
In a significant move to further expand its presence in the European market, Ripple Labs has announced a strategic partnership with Unicâmbio, a well-funded Portuguese crypto-currency exchange. This collaboration aims to streamline cross-border payments between Portugal and Brazil.
The Ripple Payments system has already expanded to more than 80 payout markets, covering over 90 percent of global FX market coverage. The tie-up with Unicâmbio will enable Ripple to strengthen its foothold in the European market, particularly as the Markets in Crypto-Asset (MiCA) implementation progresses.
“We are thrilled to partner with Unicâmbio, as Portugal has emerged as a thriving crypto ecosystem,” said Cassie Craddock, Managing Director of UK & Europe at Ripple. “By opening up our payments solution to partners in Portugal, we aim to capitalize on the growing demand for crypto-enabled transactions.”
This partnership marks yet another significant milestone for Ripple Labs, following its relentless drive to form strategic alliances with traditional financial institutions seeking to venture into the blockchain sector. Over the past decade, the company has built an impressive network of partnerships, particularly in the US-Latin American payment corridor.
Ripple’s existing collaborations with Travelex Bank and Mercado Bitcoin will also be leveraged to facilitate transactions between Portugal and Brazil. The partnership’s focus on leveraging blockchain technology aims to revolutionize money movement between nations by enabling rapid settlement and significantly reducing costs compared to traditional payment channels, ultimately delivering tangible value to customers.
The Ripple-unicâmbio partnership is expected to accelerate the mainstream adoption of XRP and the recently launched RLUSD fiat-backed stablecoin. Furthermore, the tie-up will strengthen Ripple Payments’ ties with XRPL blockchain, where XRP serves as a fee payment medium. This development can potentially propel the XRP price to skyrocket in the long term.
In addition, the partnership is expected to benefit from the enhanced regulatory clarity in the United States, leading to increased adoption among institutional investors.
Ripple Strengthens Presence in Europe
Source: coinpedia.org
