On 24 October 2023, Ripple, a FinTech company specializing in enterprise blockchain and cryptocurrency solutions, announced a partnership with Uphold, a global Web3 financial platform. The partnership is designed to improve Ripple’s cross-border payment infrastructure by utilizing Uphold’s crypto liquidity capabilities.
Ripple’s existing services focus on facilitating international payments by eliminating the need for pre-funded accounts in multiple countries, thus releasing capital that would otherwise be tied up. The company has been in the blockchain solutions sector for finance for over a decade and offers a 24/7 payment solution with near-instant settlement.
Pegah Soltani, Head of Payments Product at Ripple, stated that the partnership with Uphold aims to improve Ripple’s underlying infrastructure. Uphold’s expertise in crypto liquidity is expected to enhance Ripple’s ability to offer fast and flexible international payments. Soltani indicated that this is the beginning of what they hope will be a long-term relationship.
Uphold is known for its trading architecture that allows for easy value transfer between fiat and crypto across different networks. The platform can tap into a variety of crypto liquidity sources globally, enabling businesses to execute payments more efficiently.
According to Ripple’s press release, Simon McLoughlin, CEO of Uphold, said that their platform’s high-frequency trading stack is connected to 30 trading venues, allowing for deep liquidity and multiple transaction pathways. McLoughlin noted that Uphold’s capabilities make it well-suited for enterprises needing to make crypto-to-fiat transfers and bank payouts.
Ripple was among the first companies to leverage blockchain and cryptocurrency technologies to address challenges in cross-border payments. The company’s infrastructure allows for real-time payment tracking and delivery time forecasting, supported by transparent pricing and foreign exchange rates.
Ripple has expanded its services to include liquidity management, tokenization, and custody solutions. The company currently operates in over 55 countries across six continents, with payout capabilities in more than 70 markets. Since launching its payment solutions, Ripple has processed $30 billion in transactions and completed 20 million transactions.