A New Collaboration Seek to Transform International Trade
Blockchain behemoth Ripple and top Portuguese currency exchange operator Unicâmbio have established a strategic alliance. The partnership, which was announced on Monday, February 10, would allow for quick and easy cross-border payments between Brazil and Portugal through the company’s blockchain-based payment system, Ripple Payments.
Ripple Increases Its Footprint in Portugal
For Ripple, this collaboration represents a major turning point as it launches its payment platform for the first time in Portugal. In addition to broadening Ripple’s reach throughout Europe, the action improves Portugal-Brazil financial ties.
“Our collaboration with Unicâmbio marks a critical turning point in Ripple’s European growth. We are excited to provide our payment solution to partners in Portugal, which has a flourishing cryptocurrency environment,” said Cassie Craddock, Managing Director of Ripple for the UK and Europe.
Closing the Economic Divide Between Portugal and Brazil
There are significant remittance flows between Brazil and Portugal, two countries with longstanding cultural and economic ties. “By leveraging blockchain technology, we are transforming money movement between the two nations,” said Adriana Jerónimo, executive board member at Unicâmbio, underscoring the influence of blockchain on financial transactions. When compared to conventional payment methods, Ripple’s crypto-enabled payments solution offers nearly instantaneous settlement and substantial cost savings, providing our clients with genuine value.
The Well-Established Presence of Ripple in Brazil
In the Brazilian banking industry, Ripple has already achieved notable progress. The company has added Mercado Bitcoin, the biggest cryptocurrency exchange in Latin America, to its network. In 2022, the company joined with Travelex Bank.
U.S. Lawmakers Examine Regulations for Stablecoins
In other blockchain news, there is growing interest in the regulation of stablecoins in the US. PYMNTS revealed last week that new regulations to regulate stablecoins denominated in dollars are being considered by U.S. authorities.
A draft bill to create a regulatory framework for stablecoin issuance and operation was filed by House Financial Services Committee Chairman French Hill (R-Ark.) and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil (R-Wis.).
“Building upon our work on digital assets in the last Congress, our discussion draft will provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers,” Hill stated.
These legislative initiatives will influence stablecoins’ future and their place in international finance as regulatory frameworks continue to change.
