- Simon McLoughlin said Uphold would function as a node in Ripple’s network of liquidity providers.
- The Uphold CEO noted his company would be operating the UK-Europe, Europe-UK, UK-US, and Europe-US corridors.
- Uphold plans to set up an initial liquidity volume of around $5 billion a year.
Simon McLoughlin, CEO of Uphold, has said that his company’s role in the recently established partnership with Ripple is to function as a node in Ripple’s network of liquidity providers. McLoughlin explained that Uphold’s role would be to convert XRP to fiat for bank payouts.
According to the Uphold CEO, Ripple’s primary solution is to provide a way for international companies to move money across borders using XRP. Hence, with the latest integration, companies using Ripple’s services would have to open an account with Uphold that would be pre-funded with XRP. The pre-funded crypto is what Uphold converts to fiat while settling bank payouts.
McLoughlin further noted that this aspect of the transaction is regulated, and Uphold would be operating the UK-Europe, Europe-UK, UK-US, and Europe-US corridors at the initial stage of the partnership. He also elaborated on his company’s plans to extend its services to Brazil by next year.
In further explanation, he said that the existing cross-border transaction systems have several limitations, including high transaction costs, low speed, and the potential for errors. Hence, moving money across borders has become difficult for companies in certain situations.
The Uphold CEO showed excitement over his company’s involvement with the innovation that uses crypto to solve a significant market problem. He noted that Uphold plans to set up an initial liquidity volume of around $5 billion a year, even as regulatory clarity matures in certain parts of the world.
According to him, although most people know Uphold as a retail app, it is a Web3 financial platform that is unique for its ability to execute and efficiently move large positions in and out of the market with minimal price impact.
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