Ripple Accelerates Global Advance With AMINA And OpenPayd Partnerships

• Ripple accelerates its global advance to eventually challenge SWIFT with its newly-forged partnerships with Switzerland’s AMINA Bank and the UK’s OpenPayd.

The official end of the US government’s “war on crypto” had undoubtedly greatly benefitted Ripple Labs. In light of the recent developments, the company continues to maintain its momentum in the cross-border payment and tokenization segments of the market, striking while the iron is hot.

The hype currently centers on Ripple’s back-to-back application for a national banking charter with the Office of the Comptroller of the Currency (OCC) and a Federal Reserve Master Account. However, against the backdrop of these major events in the US is the steady push of the company to challenge the SWIFT messaging system for international payment settlements. In light of these, it forged new strategic partnerships with AMINA and OpenPayd.

Ripple and AMINA Partnership

AMINA Bank, a regulated crypto bank in Switzerland, officially announced its partnership with Ripple. The collaboration allows the institution to offer clients Ripple USD (RLUSD) stablecoin trading and custody services directly.

ADVERTISEMENTThe service, though, is only exclusive to professional, institutional, and corporate investors. Nonetheless, it marks a significant advance to Ripple’s reach, particularly in the country that the global FinTech community considers the heart of blockchain innovation.

Additionally, it underscores the company’s adherence to stringent government regulatory standards that stand to protect customer interests. Meanwhile, the move boosts liquidity plus unlocks faster and cheaper transaction options for institutional players.

AMINA is the first bank to provide direct support for RLUSD, a stablecoin pegged 1:1 to the US dollar with a market cap already exceeding $485.34 million.

ADVERTISEMENT“At AMINA Bank, we are committed to integrating cutting-edge products so that our clients may best-navigate and adopt digital assets in their day-to-day activities,” said Myles Harrison, Chief Product Officer of AMINA Bank. “We are proud to be the first bank to support RLUSD and to provide our clients with access to one of the most anticipated digital assets in the market.”

“Ripple’s commitment to transparency and compliance make them ideal collaborators as we continue our mission to expand institutional-grade digital asset services,” he added.

Ripple and OpenPayd Partnership

Further reinforcing Ripple’s European advance is its strategic collaboration with OpenPayd. The company headquartered in London offers a banking-as-a-service (BaaS) platform.

OpenPayd’s business model is anchored on linking licensed banks with non-financial businesses. This allows merchants and FinTech companies to offer clients banking and other financial services through the Baas platform.

The integration of Ripple Payments solution in its infrastructure opens OpenPayd’s access to enhanced liquidity, as well as efficient and near-real-time trading and management of euro and British pound assets. Furthermore, the blockchain company’s support extends to the new stablecoin structure of OpenPayd, paving the way for instant transactions and management of fiat and crypto funds.

“We’re working together to embed OpenPayd’s universal financial infrastructure with Ripple’s enterprise-grade stablecoin and blockchain network. The result? Faster, simpler, more transparent global payments,” OpenPayd highlighted in its announcement.

ADVERTISEMENT