Wednesday, 19 June 2024

Crypto News

Ripple enhances crypto liquidity with Uphold partnership

Ripple acquires Swiss-based crypto custody provider Metaco

  • Uphold will help Ripple enhance its underlying crypto liquidity infrastructure.
  • Ripple’s cross-border solution has gained huge traction amid use cases such as liquidity management, tokenization and custody solutions.

Ripple has struck a new partnership with crypto exchange and Web3 financial platform Uphold, the companies announced on Tuesday.

As noted in a press release, the collaboration is aimed at enhancing crypto liquidity for Ripple’s cross-border payments infrastructure.

Uphold to enhance Ripple’s infrastructure

Ripple’s solution, which involves the use of XRP to reduce cost and delivery time in cross-border payments, has gained massive traction amid the San Francisco-based company’s global partnerships. 

Uphold, a multi-asset crypto platform with a presence in more than 180 countries and providing access to 200 cryptocurrencies and fiat currencies, could play a key role in advancing Ripple’s global cross-border remittances market.

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,” said Pegah Soltani, head of payments product at Ripple.

As its infrastructure grows, with the expansion of its liquidity hub, Ripple has looked to leverage its blockchain infrastructure to allow for real time international transfers. Its product offerings include use cases such as liquidity management, tokenization and custody solutions for businesses.

Commenting on this in light of the new partnership, Uphold CEO Simon McLoughlin said:

Ripple provides a tremendously valuable service to businesses making cross-border payments and we are thrilled to be an essential part of it. Our partnership illustrates how the unique capabilities of our platform can be used by enterprises to make efficient crypto-to-fiat transfers and bank payouts.”

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