In a significant move to enhance cross-border payments, Ripple partners with Uphold. Ripple, renowned for its flagship payment products, offers blockchain and crypto enterprise solutions that enable businesses worldwide to accelerate their operations by eliminating the need to pre-fund accounts across the globe, thus unlocking trapped capital.
What was the necessity?
Ripple was the pioneer in addressing the challenges associated with cross-border payments, a multi-trillion-dollar market. By harnessing blockchain and crypto technologies at scale, Ripple has created a superior end-to-end customer experience, emphasizing trust and transparency. Clients using Ripple’s solutions can track payments in real time, anticipate delivery times, and benefit from transparent pricing and foreign exchange rates.
Uphold, as a leading Web3 financial platform, offers a robust trading architecture that simplifies the movement of value between fiat and crypto assets and across different networks. Uphold can access a wide range of crypto liquidity sources globally, allowing businesses to seamlessly cater to their customer’s needs and facilitate efficient payment processing.
Pegah Soltani, Head of Payments Product at Ripple, expressed enthusiasm about the fact that Ripple now partners with Uphold. Soltani explained that the fact that Ripple now partners with Uphold will enable them to enhance their underlying infrastructure, and Uphold’s deep liquidity expertise further underpins Ripple’s ability to offer fast and flexible cross-border payments around the world. Simon McLoughlin, Chief Executive Officer at Uphold, emphasized the value of their collaboration with Ripple. He stated, “Ripple provides a tremendously valuable service to businesses making cross-border payments, and we are thrilled to be an essential part of it. The Uphold platform features 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.”
A major win amidst the legal battle against the SEC
The collaboration must be a refreshing wind for Ripple amidst Its legal battle against the United States. Although they made a victory, however, the war was a long and enduring one. In the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the securities regulator has dropped its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. The lawsuit, which had been a focal point of the dispute, has seen a significant twist in the case.
The lawsuit, originally filed by the SEC, accused Brad Garlinghouse and Chris Larsen of conducting an unregistered securities offering by selling XRP, the native cryptocurrency of the Ripple network. The case has been a high-stakes legal showdown, with both sides presenting their arguments over the classification of XRP. The ruling dealt a blow to the SEC’s case and prompted the regulator to seek an interlocutory appeal to challenge the decision. However, Hon’ble Judge Torres rejected the SEC’s request for an interlocutory appeal.
It’s Ripple Time!
It seems like Ripple has been blessed, and they are going to have their moment for a long time. Apart from the fact that Ripple now partners with Uphold, In October 2023, the company received a coveted Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), a notable milestone in the realm of digital asset regulation. Ripple’s expansion efforts do not stop there. In September 2023, Ripple announced its strategic move to acquire Fortress Trust, a financial institution specializing in licensed Web3 financial, regulatory, and technology infrastructure services tailored for blockchain innovators. Ripple’s pursuit of Fortress Trust comes on the heels of its earlier acquisition of Metaco, a well-known crypto custody provider. The Metaco deal, valued at an impressive USD 250 million, showcased Ripple’s commitment to expanding its portfolio and solidifying its position in the evolving digital asset landscape.