Simon McLoughlin, the CEO of American exchange Uphold, affirms that some well-known finance giants are leveraging cryptocurrencies like XRP to move funds around the world.
McLoughlin revealed this during a recent interview with Tony Edward of the Thinking Crypto podcast. Edward asked McLoughlin to offer specific details regarding the Ripple and Uphold alliance announced a few months ago.
In response, McLoughlin emphasized that Uphold is a node in Ripple’s ODL network, which is Ripple’s cross-border payment solution leveraging crypto like XRP. The Uphold CEO pointed out that Ripple ODL facilitates the movement of large amounts of treasury for multinational companies from one region to another using crypto as the transport layer.
McLoughlin stressed that big companies moving money around typically pay heavily for sluggish and complex cross-border transfers. However, Ripple is mitigating the challenges with the ODL product, offering a cheaper and faster alternative.
In Ripple’s ODL network, Uphold provides on- and off-ramp service for Ripple’s clients in the U.S., U.K., and European corridors.
According to the CEO, Uphold helps instantly convert the XRP assets put into the client’s account on the exchange into fiat and then handles the payouts to banks in the U.S., U.K., and Europe.
Essentially, Uphold’s role in the Ripple ODL service is facilitating crypto-to-local currency conversions for users in the three regions.
Well-known Names Are Using XRP
Remarkably, McLoughlin revealed that its position grants Uphold “a fantastic peep behind the curtains” of Ripple’s payment network. They could witness tens of millions of dollars being moved by well-known companies leveraging XRP for cross-border transactions.
In parallel, McLoughlin was asked to specifically cite some of the companies using Ripple’s ODL service. Due to non-disclosure agreements, the Uphold CEO declined to mention any names. However, he stressed that Ripple’s payment network is home to some of the “well-known names” in finance.
“I’m sorry, I can’t. But what I can say is that there are some very well-known names. This is not like a fringe activity; there are some major corporations moving money this way,” McLoughlin remarked.
Big Names Using XRP Outside U.S. and U.K.
While the Uphold CEO cannot disclose Ripple’s U.S. and U.K. clients, publicly known institutions using XRP for intercontinental transfers via ODL include Malaysia’s Tranglo and Japan’s SBI.
As The Crypto Basic reported, Tranglo uses XRP for real-time transactions to countries like Singapore and the Philippines. Similarly, Japan’s SBI Remit leverages XRP for transactions involving Vietnam, the Philippines, and Indonesia.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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