Ripple, makers of the XRP cryptocurrency and ledger tech stack, has announced a new partnership which it has formed with Uphold, a Web3 financial platform specializing in liquidity management.

According to Ripple, the partnership is aimed at augmenting their cross-border payment network with Uphold’s expertise in liquidity management. As a broad overview, Ripple serves some of the industry’s most comprehensive financial solutions to both enterprise-level clientele, as well as for a mass user base. Ripple’s suite of payment solutions offers

Using Ripple’s XRP cryptocurrency, interested businesses may start and pre-fund an account with Uphold, who will then convert the cryptocurrency into fiat currency for bank transactions. Initially focusing on UK-Europe and US corridors, the partnership seeks to address the high costs, slow speeds, and error risks which have been prevalent for and in traditional payment gateways. The partnership is expected to expand its operations to Brazil in the coming year.

“Ripple provides a tremendously valuable service to businesses making cross-border payments and we are thrilled to be an essential part of it [such that, the Uphold platform, in this capacity, connects its features to] 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,” shares Simon McLoughlin, CEO of Uphold.

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Author: Vince Dioquino

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