The cryptocurrency industry continues to see active partnerships. In a recent announcement, Ripple spoke about its collaboration with OpenPayd.
Ripple and OpenPayd Partnership
Ripple has announced a partnership with financial provider OpenPayd to enhance access to fast and compliant cross-border payments. This significant deal aims to establish more efficient mechanisms for exchanges and transaction processing within the supply chain.
Technological Capabilities of OpenPayd
OpenPayd will support the conversion of payments made via Ripple into Euros (EUR) and British Pounds (GBP). Additionally, OpenPayd's stablecoin infrastructure will be used in the issuing and burning processes of Ripple's USD-backed stablecoin (RLUSD), providing capabilities for direct minting and burning.
Overview of OpenPayd and Its Operations
OpenPayd was founded by Turkish businessman Ozan Özerk and is headquartered in London. The company operates in Türkiye, Bulgaria, Malta, France, and the USA. The partnership with Ripple is expected to significantly speed up and reduce costs associated with cross-border payments.
The partnership between Ripple and OpenPayd opens up new opportunities for financial institutions and businesses seeking more efficient solutions in international payments through modern financial technologies.
