Ripple has unveiled a groundbreaking partnership with the leading Web3 financial platform, Uphold, in a strategic move aimed at bolstering its cross-border payment infrastructure.
Notably, the partnership promises to unlock new possibilities in the cross-border payments landscape, enabling businesses to access efficient crypto-to-fiat transfers and bank payouts, all while building on Ripple’s remarkable journey of transformation in the financial sector.
Ripple, a pioneering force in enterprise blockchain and crypto solutions, has long been recognized for its flagship payment solutions, which empower businesses worldwide to streamline their operations by eliminating the need for pre-funding accounts across the globe.
Furthermore, the San Francisco-based firm has been at the forefront of tackling persistent cross-border payment challenges, harnessing global-scale blockchain and crypto technologies. Ripple prides itself on a robust infrastructure that delivers a transparent, trustworthy end-to-end customer experience, enabling real-time payment tracking, delivery time prediction, and clear pricing with foreign exchange rates.
Beyond cross-border payments, Ripple’s portfolio extends to address diverse business needs, including liquidity management, tokenization, and custody solutions. Operating in over 55 countries and six continents, Ripple serves hundreds of customers and processes over $30 billion in volume.
On the other hand, Uphold is renowned for its superior trading architecture, facilitating seamless value transfer between fiat and crypto assets across various networks. Uphold’s connectivity to numerous crypto liquidity venues worldwide enables businesses to cater to their customers efficiently and facilitate seamless transactions.
In a statement, Pegah Soltani, Head of Payments Product at Ripple, expressed her enthusiasm about the partnership, stating, “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. We see this as the start of our relationship and are excited about what the future holds.”
Elsewhere, in a recent interview, Pat Thelen, vice president of global account management at Ripple, expressed excitement about the ongoing blockchain-led innovations in the payments industry, particularly the tokenization of real-world assets. Thelen emphasized the potential for cost reduction and efficiency enhancement as blockchain technology is applied to traditional industries fraught with manual processes and liquidity issues.
Significantly, this partnership comes on the heels of Ripple’s recent legal triumph. The Securities and Exchange Commission (SEC) dropped its claims against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen related to alleged XRP securities law violations. In 2020, the SEC’s accusations of a $1.3 billion unregistered securities offering had loomed over the company, but this legal development marked a decisive victory for Ripple.