Blockchain payment platform Ripple announced a partnership on Wednesday with Digital Financial Services platform OpenPayd to help scale payment solutions for clients, as per a company press release.
As part of the agreement, OpenPayd will provide fiat infrastructure, real-time payment rails, multi-currency accounts, and virtual IBANs, which will be used to support Ripple Payments. OpenPayd will also provide minting and burning capabilities. Businesses can convert between fiat and RLUSD through the partnership, while also having the ability to use OpenPayd’s services.
“The future of global finance depends on seamless interoperability between traditional infrastructure and digital assets. Our collaboration with OpenPayd gives enterprises reliable access to RLUSD, combining the stability and compliance they expect with the connectivity they need. This is how we accelerate real-world adoption of stablecoins at scale,” said Ripple’s senior vice president of Stablecoins.
“Ripple has long been a pioneer in blockchain-based payments. By combining Ripple Payments with OpenPayd’s rail-agnostic and fully interoperable fiat infrastructure, we are delivering a unified platform that bridges traditional finance and blockchain,” said OpenPayd’s Chief Executive, Iana Dimitrova.
Ripple has also applied for a national bank charter from the OCC, according to an X post on Thursday by Ripple’s CEO, Brad Garlinghouse.
XRP shares spiked up by 3.81% following both announcements and was trading at a price of $2.27 at the time of reporting.
Source: Coinmarketcap.com