San Francisco-based payments firm Ripple has partnered with U.S.-based trading platform Uphold to bolster its cross-border payment infrastructure.
According to an official press release, Ripple plans to leverage solutions provided by Uphold to bolster the existing infrastructure for its cross-border payments solution.
BIG NEWS: @Ripple Forges New Partnership with Uphold to Enhance Underlying Crypto Liquidity Infrastructurehttps://t.co/1gJh95KDTQ pic.twitter.com/FLSDQxO0co
— Uphold (@UpholdInc) October 24, 2023
Ripple’s cross-border payments solution already boasts several advantages over legacy payment systems.
Details of the Partnership
The latest collaboration aims to enhance the offering as the San Francisco-based firm seeks growth initiatives despite its long-standing legal battle with the U.S. SEC.
In the release, Ripple stressed that Uphold’s trading infrastructure simplifies the transfer of assets between traditional currencies and cryptocurrencies over diverse networks. This empowers businesses to cater to their clientele and facilitate transactions on a global scale.
Commenting on the development, Simon McLoughlin, CEO at Uphold, emphasized that Uphold is excited to become a crucial part of Ripple’s journey to facilitate seamless cross-border settlements.
According to McLoughlin, Uphold’s infrastructure leverages an automated trade system boasting high-frequency capabilities. McLoughlin confirmed that this infrastructure interfaces with up to 30 underlying trade venues. The integration allows Uphold to offer narrow spreads and high liquidity. This shows Ripple aims to integrate these 30 trade venues Uphold uses to enhance cross-border payments.
Ripple aims to tap into this architecture for its transnational offering, utilizing it for seamless and quick conversions between crypto and fiat. The partnership is one of numerous collaborations Ripple has inked to expand its cross-border payment solution.
Ripple noted that it pioneered the solution to the challenges of international payments by harnessing blockchain and crypto on a massive scale. Over time, Ripple’s product portfolio has expanded to cater to emerging business needs, including tokenization, custody, and liquidity.Â
Ripple serves a diverse clientele spanning more than 55 nations, with payout capabilities extending to over 70 markets. The firm boasts over 20 million cross-border transactions, amounting to $30 billion in transaction volume.
Uphold: An Unsurprising Choice
The partnership with Uphold comes without surprise, as the crypto trading platform has continued to support Ripple and XRP amid the legal battle with the U.S. SEC. While other U.S.-based exchanges delisted XRP due to the SEC’s charges, Uphold chose not to tow that path.
As a result, the trading platform essentially created a haven for American investors looking to trade XRP when the asset was practically outlawed in the country. Following XRP’s victory in the lawsuit, other exchanges have relisted the asset.
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