- Simon Mcloughlin, CEO of American crypto exchange Uphold, has disclosed new partnership details with global blockchain-based payment provider Ripple.
- The opportunity to open Uphold accounts funded in XRP provided by Ripple facilitates efficient currency conversions, a critical function within the Ripple framework.
- Mcloughlin highlights the complexities of international financial transactions, addressing the challenges individuals and businesses face in this field.
American crypto exchange Uphold is aiming for significant volumes with its partnership with Ripple: Uphold’s CEO reveals the details of the partnership.
Uphold Announces Partnership with Ripple
In a significant development in the financial technology sector, Simon Mcloughlin, CEO of American crypto exchange Uphold, has revealed new partnership details with global blockchain-based payment provider Ripple. This collaboration aims to have a significant impact on international money transfers.
In a recent interview with Digital Perspectives, a leading crypto media organization, Mcloughlin disclosed that Ripple aims to facilitate cross-border fund transfers for international companies using its payment product “Ripple Payments.” Using Ripple’s cryptocurrency XRP, the company is attempting to address long-standing challenges in global fund movement.
The partnership envisions Uphold as a significant player in Ripple’s network, serving as the primary liquidity provider. In this role, Uphold will manage the conversion of cryptocurrency to fiat currency, facilitating seamless payments to banks. The opportunity to open Uphold accounts funded with XRP provided by Ripple streamlines effective currency conversions, a critical function within the Ripple framework.
Mcloughlin emphasized Uphold’s regulated activities within this ecosystem, initially planned to cover the United Kingdom, Europe, and the United States, with expansion plans for Brazil. This regulated approach aims to add reliability and stability to ensure transactions align with the financial norms of these regions.
Uphold and Ripple Partnership Aims for a $5 Billion Transaction Volume
Mcloughlin highlighted the challenges individuals and businesses face in this field, emphasizing the complexities of international financial transactions. Using the recent example of licensing in Canada, he humorously illustrated the difficulties of funding a Canadian bank account, expressing disappointment with the still-used outdated methods and emphasizing the necessity of modern solutions to address these old problems.
Uphold’s CEO shared the excitement of being part of a solution to a widespread market problem using the power of cryptocurrency. This sentiment underscores the increasing recognition of digital currencies as a solution to real-world financial challenges.
Regarding transaction volume expectations, Mcloughlin did not provide specific figures but foresaw an initial volume of approximately $5 billion per year through the partnership. He also noted that this figure has significant potential to increase, especially as regulatory clarity evolves across various regions worldwide.
This partnership between Uphold and Ripple represents a significant step in using blockchain and cryptocurrencies for practical, everyday applications. The collaboration aims to alleviate the complexities and inefficiencies of traditional cross-border money transfers, providing insight into the future of financial transactions.
