Ripple Announces Partnership with Uphold
According to Ripple, the partnership is aimed at augmenting their cross-border payment network with Uphold’s expertise in liquidity management. Ripple serves some of the industry’s most comprehensive financial solutions to both enterprise-level clientele and a mass user base. Ripple‘s suite of payment solutions offers.
Facilitating Fiat Currency Transactions
Using Ripple‘s XRP cryptocurrency, interested businesses may start and pre-fund an account with Uphold, who will then convert the cryptocurrency into fiat currency for bank transactions. Initially focusing on UK-Europe and US corridors, the partnership seeks to address the high costs, slow speeds, and error risks which have been prevalent for and in traditional payment gateways. The partnership is expected to expand its operations to Brazil in the coming year.
“Ripple provides a tremendously valuable service to businesses making cross-border payments and we are thrilled to be an essential part of it [such that, the Uphold platform, in this capacity, connects its features to] a fully-automated, high-frequency trading stack connected to 30 underlying trading venues allowing us to offer deep liquidity, multiple execution paths for transactions, and exceptionally tight spreads,” shares Simon McLoughlin, CEO of Uphold.
Uphold says that its partnership with Ripple “illustrates how the unique capabilities of its platform can be used by enterprises to make efficient crypto-to-fiat transfers and bank payouts.”
Enabling Faster Cross-Border Payments
Pegah Soltani, the Head of Payments Product at Ripple, also opined on the partnership, saying that the partnership is set to enable underlying infrastructure from Ripple. This means that Uphold, through the integration, would open up faster and more flexible cross-border payments. On this note, McLoughlin has also shared that Uphold plans to set up an initial liquidity volume worth roughly $5 billion on an annual cycle.
With its advanced blockchain infrastructure, Ripple has been part of an industry-wide movement towards making the usage and usability of crypto tackle problems inherent in cross-border payments, meshing in a new space for use cases to emerge and become, by extension, considerably more relevant.
Ripple‘s Global Presence
Ripple‘s portfolio has diversified since its inception, from tokenization to custody solutions and now towards liquidity management. The firm has a presence in over 55 countries across six continents, with an array of payout capabilities at over 70 markets. Ripple has processed over $30 billion worth of value across its platform. Ripple‘s XRP token is currently priced at $0.62 at the time of writing.
### News source: cryptodaily.co.uk