The Ripple blockchain company has launched the process of partnership with the Portuguese currency exchange provider Unicâmbio.
The collaboration between the mentioned firms was announced on Monday, February 10th. This partnership, in the context of the implementation of actions in the practical plane, is focused on supporting instant cross-border payment transactions between Brazil and Portugal. The relevant financial operations will be carried out through Ripple Payments. The mentioned cross-border payments system is focused on digital assets.
In a press release published by Ripple, it is noted that the mentioned functional initiative is the first case when the payment solution of this company is offered in Portugal. In the relevant context, it was separately noted that the launch of this payment solution contributes to the expansion of the footprint of the firm in Europe. At the same time, the Brazil-Portugal payment corridor will be strengthened in this case.
Cassie Craddock, Ripple’s managing director for the UK and Europe, stated that the company’s partnership with Unicâmbio is a significant milestone in the brand’s European expansion. Also in this context, it was separately noted that Portugal has developed a thriving crypto ecosystem, so Ripple is delighted to offer its payment solution to partners.
Besides, Cassie Craddock stated that the mentioned company, by connecting its payment networks in Portugal and Brazil, is facilitating faster and more cost-effective cross-border payments, while strengthening the economic bridge between these two major markets.
Adriana Jerónimo, executive board member at Unicâmbio, stated that Brazil and Portugal share strong cultural and economic ties. It was also noted separately in the relevant context that significant amounts of money are moving between these two countries. Adriana Jerónimo stated that leveraging blockchain technology is transforming the money movement between Brazil and Portugal. It was also noted that Ripple’s crypto-enabled payment solution enables almost instant settlements and significantly reduces costs compared to traditional channels of corresponding transactions, delivering real value to customers.
The press release drew attention to the fact that Ripple is already present in Brazil. The company is teaming with the likes of Travelex Bank in 2022 and Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, joining Ripple’s network late last year.
It is worth mentioning that in the past week, the media published information according to which America is currently conducting an exploration of the regulation of stablecoins.
House Financial Services Committee Chairman French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil introduced a discussion draft for a bill that would form a framework for issuing and operating dollar-denominated payment stablecoins.
French Hill stated that the discussion draft would provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers.
The special report noted that the push to regulate stablecoins underscores a broader recognition of the role of digital assets in today’s financial ecosystems. It was also underlined that as the regulatory landscape takes shape, cooperation between the House of Representatives and the Senate will be instrumental in determining how stablecoins fit into the evolving framework of United States financial regulation.
As we have reported earlier, Ripple Announces Money Transmitter Licenses in New York and Texas.
