Ripple just announced that the company has partnered strategic with Unicâmbio, a prominent Portuguese currency exchange provider.
Amongst this, they are looking to completely change how cross border payments works they integrate Ripple’s blockchain powered solutions in order to enable Portugal to have faster, and cheaper than traditional ways, cross border transactions.
The company’s corporate clients experience immediate and significant impact. Now businesses operating between Portugal and Brazil will be able to realize near instant fund transfers that used to involve high fees, and long processing times of conventional banking systems.
Expanding Ripple’s Influence in Brazil
With the financial and cultural atmosphere between Portugal and Brazil being so strong, this increased payment solution is projected to increase the efficiency and ease of which one would exchange their funds and thus would lead the busiest parts of business.
Ripple’s suitability to the market stems from the fact that Portugal’s cryptocurrency ecosystem is currently blossoming. An environment in which finance innovation was welcome had arisen in the country due to a rising interest in blockchain technology.
This further banks up Ripple’s presence in Brazil, where last year they were involved with financial institutions Travelex Bank and Mercado Bitcoin. This initiative revolves around XRP, the digital asset underlying XRP’s payment infrastructure.
Liquidity and the capability of settlement of cross border transfers are facilitated by XRP so that cross border transactions remain swift and efficient. XRP’s solutions are appealing because they represent a better path toward modernization as financial institutions have become accustomed to evolving their products and services with inevitable changes.
Ripple is emerging as a player on top of the global landscape of cross border transactions, an ever evolving landscape. With the expansion of approvals and reinforcement of globalization efforts the company continues to offer secure, compliant and efficient financial solutions with the power of blockchain technology. As another step in Ripple’s voyage to mainstream adoption, this latest step into Portugal.
