JAKARTA Uphold, a leading US crypto exchange partnering with blockchain-based payment company Ripple. This partnership is aimed at improving cross-border payment services that allow fast and instant transfers between countries.
Simon Mcloughlin, CEO of the Uphold crypto exchange, revealed details of their new partnership with blockchain-based global payment provider Ripple. This collaboration is expected to have a major impact in the field of international money transfers.
When interviewed by Digital Respectives, one of the leading crypto media, Mcloughlin explained how Ripple's payment product, dubbed "Ripple Payments", was designed to facilitate cross-border funding transfers for international companies. By leveraging XRP, the Ripple cryptocurrency, the company aims to address the long-standing challenges associated with global fund movements.
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With this collaboration, Uphold has an important role in the Ripple payment network. The crypto exchange acts as one of the main liquidity providers for Ripple. In this role, the Uphold will handle crypto conversion into fiat currency, allowing payments smoothly to various banks.
This functionality is crucial in the Ripple system, as it allows the company to open an Uphold account that has been prepared with XRP. XRP assets are here to help make it easier for users to convert currencies. It is planned that this payment service will cover a number of countries in the world including the UK and the US, plus Brazil.
Uphold bosses see individuals and companies as having to be faced with the complexity of the banking system when making inter-state remittances. As has happened in recent years, sending funds abroad takes a long time and can take days.
Therefore, Mcloughlin believes we must abandon the ancient methods and emphasize the importance of modern solutions to deal with this problem. Ripple is one of the companies that facilitates instant interstate remittances.
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