Uphold Partners with Ripple to Facilitate Cross-Border Transactions

Date: 2023-11-28 Author: Dima Zakharov Categories: IN WORLD
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Empowering Cross-Border Transactions
Simon MacLafflin, the CEO of Uphold, sheds light on the company’s significant role in the newly established partnership with Ripple. Uphold will operate as a liquidity provider node, converting XRP to fiat currency for seamless bank payouts. Ripple’s core solution aims to empower international companies to move money across borders using XRP. Consequently, companies leveraging Ripple’s services will need to open an account with Uphold, pre-funded with XRP. This pre-funded cryptocurrency is what Uphold converts into fiat currency for bank settlements.

Regulated Transaction Aspect
MacLafflin emphasizes the regulatory oversight of this aspect of the deal, with Uphold managing corridors like UK-Europe, Europe-UK, UK-USA, and Europe-USA in the initial stages of the partnership. He also outlines the company’s plans to expand its services to Brazil by the next year.

Addressing Cross-Border Payment Challenges
Highlighting existing limitations in cross-border payment systems, including high transaction costs, low speed, and error likelihood, MacLafflin emphasizes the difficulty companies face in moving money across borders in certain situations. Uphold aims to actively participate in innovative solutions utilizing cryptocurrency to address a serious market problem.

Enthusiasm for Innovative Solutions
Expressing enthusiasm for Uphold’s involvement in innovations that use cryptocurrency to solve market challenges, MacLafflin notes that Uphold plans to establish an initial liquidity volume of around $5 billion annually, even as regulatory clarity unfolds in various parts of the world. While Uphold is commonly known as a retail trading app, it stands as a Web3 financial platform uniquely capable of efficiently handling and moving large market positions with minimal impact on prices.
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