Blockchain payments firm Ripple has forged a strategic alliance with web3 financial platform Uphold, aimed at bolstering its global payments infrastructure with enhanced cryptocurrency liquidity.
This partnership seeks to fortify Ripple’s existing cross-border payment solutions by capitalizing on Uphold’s extensive network spanning over 30 trading platforms. This synergy will facilitate seamless cryptocurrency-to-fiat transfers and banking payouts.
Ripple harnesses digital assets to deliver real-time settlement and transparency for the cross-border transactions of its enterprise clients. Leveraging Uphold’s substantial liquidity in both the cryptocurrency and fiat realms will reinforce Ripple’s payment infrastructure, as stated by Pegah Soltani, a representative from Ripple.
Ripple plays a pivotal role in expediting and cost-reducing global transactions, eliminating the necessity for businesses to pre-fund international accounts, thus freeing up capital.
The suite of solutions offered by Ripple has expanded significantly, now encompassing functionalities such as tokenization and cryptocurrency custody, in addition to its core payment services. The company caters to hundreds of clients in 55 countries and has processed over $30 billion in payments since its inception, according to a recent announcement from Ripple regarding this collaboration.
Uphold’s automated trading infrastructure will play a vital role in scaling Ripple’s cryptocurrency-driven payment ecosystem. Simon McLoughlin, the CEO of Uphold, expressed his enthusiasm for this partnership, emphasizing that Ripple provides immense value in the domain of cross-border business payments, while Uphold’s robust liquidity capabilities make it an ideal collaborator.
McLoughlin mentioned, “The Uphold platform features 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.”
In a notable legal development earlier this year, Ripple achieved a significant milestone in its ongoing dispute with the Securities and Exchange Commission (SEC). This protracted legal battle revolves around allegations that Ripple, along with two of its executives, conducted the unlawful sale of XRP tokens worth $1.3 billion.
Importantly, the SEC has now dropped all charges against Ripple’s co-founders, Brad Garlinghouse and Chris Larsen. This legal battle between Ripple and the SEC, which has been ongoing since 2020, has centered on the classification of XRP as an unregistered security.