Ripple on Monday partnered with Portuguese currency exchange provider Unicâmbio to support instant international payments between Portugal and Brazil using its payments platforms, which uses “digital assets” for faster and cheaper cross-border settlements.

Unicâmbio’s corporate customers can move funds and settle payments in minutes using the service, which Ripple said was its first foray into the Portuguese market.

“Portugal has developed a thriving crypto ecosystem so we are delighted to open up our payments solution to partners there,” said Cassie Craddock, Managing Director, UK & Europe, at Ripple.

«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 payments use the XRP Ledger, where users can send and receive different currencies, including fiat money and crypto assets, through a network of financial institutions using the XRP token.