Blockchain payments firm Ripple has teamed up with digital currency platform Uphold to bolster its cross-border cryptocurrency payments infrastructure. This alliance is aimed at providing Ripple with enhanced cryptocurrency liquidity capabilities, which is crucial for smooth cross-border transactions.
Uphold, operating in over 184 countries and providing access to over 200 crypto and fiat currencies, will be extending a strong liquidity framework to Ripple. This partnership is a significant step toward refining the liquidity aspect of cross-border payments, which is essential for instant and economical transactions.
Uphold CEO Simon McLoughlin shared that their platform boasts a fully automated, high-frequency trading stack linked to 30 trading venues. This setup allows Uphold to provide deep liquidity, multiple pathways for transaction executions, and notably tight spreads. Such attributes are expected to substantially aid Ripple's mission of simplifying cross-border crypto payments.
Pegah Soltani, Ripple’s Head of Payments, expressed enthusiasm regarding the new partnership. She mentioned that teaming up with Uphold will enhance Ripple’s core infrastructure. Furthermore, Uphold’s profound liquidity expertise is seen as a solid support for Ripple’s objective of delivering quick and adaptable cross-border payments globally.
Ripple has already made a mark by extending its services across 55 countries and boasting payout capabilities in more than 70 markets. The firm disclosed that it has processed transactions worth $30 billion and completed 20 million transactions since the inception of its payment solution.
The partnership unfolds amid Ripple's recent victory over a legal fight with the U.S. Securities and Exchange Commission (SEC), which has further fortified its position in the cryptocurrency domain. With this collaboration, both Ripple and Uphold are set to explore new horizons in the realm of cross-border cryptocurrency transactions, aiming for a more fluid and efficient global payment ecosystem.
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