Head of Uphold spoke about the partnership with Ripple
Head of Uphold spoke about the partnership with Ripple
Simon McLaughlin, CEO of U.S. cryptocurrency exchange Uphold, has revealed details of the company's new partnership with global blockchain-based payments provider Ripple, which aims to improve international money transfers.
McLaughlin believes Ripple's solution, called Ripple Payments, will help streamline cross-border transfers for international businesses.
As part of the partnership, Uphold will increase liquidity on the Ripple network by enabling the conversion of digital assets into fiat funds, facilitating seamless payments to banks. This feature is one of the key features of Ripple's structure, as it allows businesses to open Uphold accounts pre-funded with XRP provided by Ripple, ensuring efficient currency conversion, CoinGape reported.
McLaughlin stressed that Uphold's licenses to operate in the UK, Europe, and the U.S. are a guarantee of reliability and stability of operations. At the same time, the exchange is preparing to expand its global presence in Latin America by securing a Brazilian license.
The head of Uphold also pointed out the challenges faced by individuals and companies in international financial transactions, focusing on the complexity of the transfer process and the use of old methods such as physical transportation of money, calling for a shift to innovative ways to conduct transactions.
However, McLaughlin said that digital currencies are the best tool to solve real financial problems.
The Uphold CEO expects the partnership to be worth about $5 billion annually in the first phase, noting that this figure could increase significantly as new, clear, and transparent regulations are put in place in various parts of the world.
The partnership between Uphold and Ripple will promote the development and adoption of blockchain technology and the possibilities of cryptocurrencies in everyday transactions, with the goal of improving the financial system.
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