- Ripple has partnered with Uphold for enhanced cryptocurrency liquidity.
- The collaboration will leverage Uphold’s links to 30 trading venues.
- Seamless crypto-to-fiat transfers and bank payouts are the goal.
Blockchain payments firm Ripple has partnered with web3 financial platform Uphold to access greater cryptocurrency liquidity for its global payments infrastructure.
The collaboration aims to strengthen Ripple’s existing cross-border payment solutions by leveraging Uphold’s links to over 30 trading venues. This will enable seamless crypto-to-fiat transfers and bank payouts.
Ripple utilizes digital assets to provide real-time settlement and transparency for its enterprise clients’ cross-border transactions. Uphold’s deep liquidity across crypto and fiat will bolster Ripple’s payments architecture, per Ripple’s Pegah Soltani.
Ripple aids in facilitating faster and cheaper worldwide transactions. Its technology removes the need for businesses to pre-fund international accounts, freeing up capital.
Ripple’s suite of solutions has rapidly grown, now addressing uses like tokenization and crypto custody alongside payments. It serves hundreds of clients across 55 countries, processing over $30 billion in payments since launch, according to Ripple’s announcement about the new partnership..
Uphold’s automated trading stack will support Ripple in scaling its crypto-enabled payments infrastructure.
According to Uphold CEO Simon McLoughlin, Ripple provides tremendous value for cross-border business payments. Uphold’s liquidity capabilities make it an ideal partner.
McLoughlin said,
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.
Earlier this year, Ripple achieved a significant legal outcome in its ongoing dispute with the Securities and Exchange Commission (SEC). This case revolves around accusations that the company, along with two of its executives, engaged in the unlawful sale of $1.3 billion worth of XRP.
Notably, the SEC has now dismissed all charges against co-founders Brad Garlinghouse and Chris Larsen. This legal dispute between Ripple and the SEC has been ongoing since 2020, focusing on the question of whether XRP should be classified as an unregistered security.
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