Ripple, makers of the XRP cryptocurrency and ledger tech stack, has announced a new partnership which it has formed with Uphold, a Web3 financial platform specializing in liquidity management.
According to Ripple, the partnership is aimed at augmenting their cross-border payment network with Uphold's expertise in liquidity management. As a broad overview, Ripple serves some of the industry's most comprehensive financial solutions to both enterprise-level clientele, as well as for a mass user base. Ripple's suite of payment solutions offers
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."
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.
Uphold, recognized as a prime figure in the Web3 financial platform space, has developed a robust trading infrastructure which facilitates smooth transitions from fiat to crypto across various networks. Offering connections to an array of global crypto liquidity platforms, the Uphold ecosystem provides businesses with the tools to serve their customers efficiently, while also ensuring seamless user experience.
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. In terms of Web3's expansion to these domains, Ripple differentiates itself by providing real-time payment tracking, reliable delivery time predictions, and transparent pricing along with FX rates.
Ripple's portfolio has diversified since its inception: from tokenization, to custody solutions, and now towards liquidity management. The firm has 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.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
