Ripple has partnered with Uphold to improve its cross-border crypto payments infrastructure. Uphold will provide Ripple with “enhanced crypto liquidity capabilities.” Ripple offers services in over 55 countries, with payout capabilities in more than 70 markets, the company said, adding that it has processed $30 billion worth of volume and 20 million transactions.
Ripple Partners With Uphold
Ripple announced Tuesday that it has formed a new partnership with Uphold, a multi-asset digital currency platform that operates in over 184 countries, offering access to over 200 crypto and fiat currencies. According to the announcement:
The partnership will see Uphold provide Ripple with enhanced crypto liquidity capabilities to underpin and enhance its cross-border payments infrastructure.
Uphold CEO Simon McLoughlin explained that his company’s platform “features a fully automated, high-frequency trading stack” that is connected to 30 underlying trading venues. This allows Uphold to “offer deep liquidity, multiple execution paths for transactions, and exceptionally tight spreads,” he said.
Ripple’s head of payments, Pegah Soltani, commented: “Our new partnership with Uphold enables us to enhance our underlying infrastructure and Uphold’s deep liquidity expertise further underpins Ripple’s ability to offer fast and flexible cross-border payments around the world.”
Ripple’s solutions focus on three areas: cross-border payments, crypto liquidity, and central bank digital currency (CBDC). The firm’s announcement details:
Today, Ripple serves hundreds of customers in over 55 countries and 6 continents, with payout capabilities in more than 70 markets, and has processed $30 billion worth of volume and 20 million transactions since its payments solution was first launched.
The crypto firm recently celebrated its victory against the U.S. Securities and Exchange Commission (SEC). Last week, the securities regulator dropped its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. On July 13, District Judge Analisa Torres partially ruled in favor of Ripple regarding XRP. The SEC sought to appeal the decision but Judge Torres rejected the regulator’s bid for an interlocutory appeal.
What do you think about Ripple partnering with Uphold to enhance cross-border crypto payments liquidity and infrastructure? Let us know in the comments section below.
