Recently, Ripple announced a new partnership with Uphold to strengthen the fundamental infrastructure of crypto liquidity.
Read all the details below.
Summary
Working together for a more robust crypto future: Ripple and Uphold
As expected, Ripple, a leader in blockchain and crypto solutions for businesses, has formalised a new partnership with Uphold, the renowned global financial platform Web3.
The partnership aims to enhance Ripple’s cross-border payments infrastructure through the implementation of Uphold’s advanced crypto liquidity capabilities.
Recognised for its flagship solutions in the payments industry, Ripple provides businesses with blockchain and cryptographic solutions that optimise performance and scale globally.
This is achieved by eliminating the need to pre-capitalise accounts in different parts of the world, freeing up previously tied up capital.
With more than a decade of experience developing blockchain solutions for the financial industry, Ripple is revolutionising payments with a cryptocurrency-based business solution that enables near real-time payments 24/7.
Pegah Soltani, Head of Payments Product at Ripple, said:
“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.”
As the leading Web3 financial platform, Uphold has a state-of-the-art trading architecture that simplifies the transfer of value between traditional and cryptocurrencies, as well as between different financial networks.
Uphold also offers broad access to multiple sources of cryptocurrency liquidity globally, making it easier for businesses to serve their customers and make payments efficiently and smoothly.
Working together to revolutionise cross-border payments
Simon McLoughlin, CEO of Uphold, also praised the partnership with Ripple, calling it a valuable contribution to businesses involved in international payments:
“The Uphold platform has a fully automated high-frequency trading stack connected to 30 underlying venues, enabling high liquidity, multiple execution paths and extremely tight spreads for transactions.”
With its large-scale blockchain and crypto technology, Ripple has successfully tackled the multi-billion dollar challenge of cross-border payments.
Its cutting-edge infrastructure provides a reliable and transparent end-to-end experience for customers, enabling real-time payment tracking, delivery time prediction, clear pricing and favourable exchange rates.
Ripple’s product suite has expanded to address new business scenarios, including cash management, tokenization and custody solutions.
Today, Ripple serves hundreds of customers in over 55 countries and 6 continents, with payment capabilities in over 70 markets. Ripple’s payment solution has processed $30 billion in volume and 20 million transactions since its inception.
Ripple wins legal victory against US SEC
A US District Court judge recently sealed a major milestone in Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
On 23 October, Judge Analisa Torres signed an order officially exonerating Ripple executives Brad Garlinghouse and Christian Larsen from charges brought by the SEC.
This decision marks a significant development in the ongoing legal battle between Ripple and the SEC over allegations related to the sale of XRP tokens.
The charges, which related to earlier XRP sales, were withdrawn by the SEC prior to the official start of the trial. In response, Garlinghouse criticised the securities regulator’s aggressive approach and highlighted the inappropriate use of taxpayer funds.
Some legal experts interpreted the SEC’s move as a possible strategy to speed up the appeals process and avoid a lengthy trial originally scheduled for the spring.
On 21 October, attorney Jeremy Hogan shared his views on the never-ending legal battle between Ripple and the SEC. The attorneys stressed that the case is essentially “over” and that the only remaining issue is the hearing to determine a potential penalty of up to $770 million.
Specifically, Hogan said:
“Yes, important hearings will be held in the coming months (the determination of a fine of up to $770 million is, of course, a relevant issue). But your time to worry about this case is up, in my opinion.”
He went on to explain that the SEC had dismissed the remainder of the case, removing the prospect of a trial in 2024. The court’s decision is expected next year, and Ripple will be the only party involved in the matter.
