In a move to fortify its cross-border cryptocurrency payment infrastructure, Ripple has entered into a strategic alliance with Uphold.
Uphold is set to furnish Ripple with augmented capabilities in the realm of crypto liquidity. Ripple extends its services to more than 55 nations. It offers payout functionalities in over 70 diverse markets.
Proudly, it reports having facilitated transactions with a total volume exceeding $30 billion. These transactions have surpassed 20 million in number.
Ripple’s Partnership with Uphold The revelation came forth from Ripple on a Tuesday, proclaiming a newfound partnership with Uphold.
Uphold, a multi-asset digital currency platform that spreads its influence across over 184 countries and extends access to a multitude of more than 200 cryptocurrencies and fiat currencies, stands as an instrumental player in this collaboration. As stated in the official announcement:
This partnership marks Uphold’s contribution of advanced crypto liquidity capabilities, essential for fortifying and elevating Ripple’s cross-border payment framework.
Empowering Crypto Innovations: Ripple and Uphold Collaboration and Legal Milestones
Simon McLoughlin, the CEO of Uphold, elucidated that their platform boasts an entirely automated, high-frequency trading infrastructure that maintains connections with 30 fundamental trading venues.
This distinctive setup empowers Uphold to offer extensive liquidity, multiple avenues for transaction execution, and remarkably narrow spreads, as elucidated by Mr. McLoughlin.
Pegah Soltani, the Head of Payments at Ripple, remarked:
“Our fresh collaboration with Uphold empowers us to refine our underlying infrastructure, with Uphold’s profound expertise in liquidity further bolstering Ripple’s capacity to deliver swift and adaptable international cross-border payments.”
Ripple’s scope of solutions encompasses three pivotal domains: international cross-border payments, cryptocurrency liquidity, and central bank digital currency (CBDC). The official statement by the company underscores:
Presently, Ripple caters to the needs of numerous clients spanning across more than 55 nations and six continents. Its payment capabilities encompass a wide expanse, catering to the demands of more than 70 markets, and its track record boasts the processing of transactions exceeding $30 billion in total volume and surpassing 20 million in number since the inception of its payment solution.
Ripple, the cryptocurrency firm, recently commemorated a significant legal triumph over the U.S. Securities and Exchange Commission (SEC).
The preceding week saw the regulatory body retracting its legal action against Ripple’s CEO, Brad Garlinghouse, and co-founder Chris Larsen. On the 13th of July, District Judge Analisa Torres, in part, favored Ripple in the XRP case.
Despite the SEC’s attempt to seek an interim appeal, Judge Torres dismissed the regulatory body’s plea for an interlocutory review.
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