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Uphold CEO confirms that well-known finance giants use XRP
Simon McLoughlin, CEO of the American exchange Uphold, says that some well-known financial giants are exploiting cryptocurrencies like XRP to move funds around the world.
McLoughlin revealed this during a recent interview with Tony Edward of the Thinking Crypto podcast. Edward asked McLoughlin to offer specific details regarding the Ripple and Uphold Alliance announced a few months ago.
In response, McLoughlin pointed out that Uphold is a node in Ripple’s ODL network, which is Ripple’s cross-border payment solution that leverages cryptocurrencies like XRP. The Uphold CEO highlighted that Ripple ODL facilitates the movement of large amounts of treasury for multinational companies from one region to another using cryptocurrencies as a transport layer.
McLoughlin pointed out that large companies that move money typically pay heavily for slow and complex cross-border transfers. However, Ripple is mitigating the challenges with the ODL product, offering a cheaper and faster alternative.
In Ripple’s ODL network, Uphold provides on-ramp and egress services for Ripple customers in the US, UK and Europe corridors.
According to the CEO, Uphold helps instantly convert XRP assets placed in the customer’s account on the exchange into fiat and then manages payments to banks in the United States, UK and Europe.
Essentially, Uphold’s role in the Ripple ODL service is to facilitate cryptocurrency to local currency conversions for users in the three regions.
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Famous names use XRP
Surprisingly, McLoughlin revealed that his position grants Uphold “a fantastic peek behind the scenes” of Ripple’s payment network. They could see tens of millions of dollars moved by well-known leveraged companies XRP for cross-border transactions.
In parallel, McLoughlin was asked to specifically name some of the companies that use Ripple’s ODL service. Due to nondisclosure agreements, Uphold’s CEO declined to mention any names. However, he pointed out that Ripple’s payment network hosts some of the “known names” in finance.
“I’m sorry I can not. But what I can say is that there are some very well-known names. This is not a fringe activity; there are some big companies that move money this way,” McLoughlin noted.
Big names using XRP outside of the US and UK
While Uphold’s CEO cannot disclose Ripple’s customers in the US and UK, publicly known institutions using XRP for intercontinental transfers via ODL include Malaysia’s Tranglo and Japan’s SBI.
Like the cryptographic base reported, Tranglo uses XRP for real-time transactions to countries like Singapore and the Philippines. Likewise, Japan’s SBI mandate leverages XRP for transactions involving Vietnam, the Philippines and Indonesia.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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