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Despite facing several hurdles, Ripple the firm behind XRP has been focusing on expanding its business. Over the last couple of years, the firm has inked several partnerships. More recently, Ripple was entering South American waters following a new collaboration. The company has partnered with Unicâmbio, a prominent Portuguese currency exchange provider to carry out cross-border payments between Portugal and Brazil.
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A Big Step Into Portugal
According to a recent press release, Ripple will be expanding on cross-border payment efforts in Portugal and Brazil. The two countries will be employing Ripple Payments. This platform uses digital assets to make cross-border payments quicker, less expensive, and more effective. Through this partnership, the Portugal-Brazil payments corridor is uplifted as Ripple’s payments solution is made available in Portugal for the first time. But, it should be noted that the firm already has a strong presence in Brazil via various partnerships.
In addition, corporate clients of Unicâmbio will be able to transfer money and settle payments in a matter of minutes by utilizing Ripple’s payment system. This will cut down on time and friction and significantly increase the efficiency of moving value. Speaking about the same, Cassie Craddock, Managing Director, UK & Europe, at Ripple said,
“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. Ripple has over a decade of experience in tokenizing real-world assets, starting with bringing fiat currencies on-chain to seamlessly send money across borders.“
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How Is XRP Faring At The Moment?
XRP has enjoyed a fairly good year with a 365% uptick over the past 12 months. At the time of writing, the asset was trading at $2.43 following a 1.44% drop over the past 24 hours. It looks like the news of Ripple’s latest partnership has barely had an impact on the price of XRP.
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