Ripple: New Partnership with Web3 Fintech Company Uphold

Ripple announced a new partnership with Web3 fintech company Uphold via a press release. The goal of the collaboration, the company said, is to strengthen liquidity and infrastructure for cross-border money transfers. Ripple’s core business is to organize such transfers in seconds and globally with XRP as a bridge currency. The focus is on customers from the financial sector.

Uphold, on the other hand, has focused on being a trading center for Bitcoin, XRP, and Co. since its founding in 2015, but also on offering a variety of options when depositing and withdrawing fiat. For crypto trading, Uphold says it accesses 30 platforms worldwide, which guarantees high liquidity with fair pricing.

For Uphold, CEO Simon McLoughlin says the partnership with Ripple shows how businesses can efficiently conduct crypto-to-fiat trades coupled with bank withdrawals. However, Uphold also counts individuals among its clients and is registered in the EU member state of Lithuania.

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The press release said Ripple now counts hundreds of customers in more than 55 countries on six continents

Uphold counts 184 countries in which services are offered with more than 200 cryptocurrencies and fiat. Large customers are typically targeted by Ripple with its On Demand Liquidity (ODL) program for XRP, where liquidity comes from Ripple itself. For smaller transfers, Ripple 2021 has bought into Asian financial services provider Tranglo, expanding its presence, particularly in Asia.

After an important court victory in the U.S. against the SEC, Ripple has hoped to win U.S. banks for itself as ODL and thus XRP customers. However, no results are known there so far. Also, an already-announced takeover of the US fintech company Fortress Trust finally blew off Ripple. Whether in the partnership with Uphold money or XRP flow from Ripple, was not communicated.

Conclusion: Ripple is eyeing Europe and new users for XRP with Uphold.

For Ripple, Uphold should be particularly interesting because the fintech also promises fiat ramps in euros and British pounds. That’s because, in Europe, Ripple lacks strong partnerships for XRP. Small and medium-sized enterprises with crypto affinity could be made aware of XRP through Uphold.

But for now, this is all pie in the sky. In the past, Ripple had made such partnerships for XRP cost regular payments in the multi-millions and still achieved only mediocre results. Thus, it comes as little surprise that the price curve of XRP did not react noticeably to Ripple’s new cooperation.

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(Featured image by vjkombajn via Pixabay)

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