DriveWealth is integrating Ripple’s stablecoin settlement, cross-border payments and digital asset custody services into its brokerage platform, beginning with settlement in Europe before expanding to the United States.
The partnership will use Ripple’s RLUSD stablecoin on the XRP Ledger. DriveWealth clients will be able to fund and manage collateral accounts with stablecoins that can be converted into cash in near real time.
The companies are also examining equity financing opportunities through Ripple Prime, while DriveWealth plans to move its treasury and custody infrastructure onto Ripple’s rails.
DriveWealth chief executive Naureen Hassan said the agreement would help the firm support trading activity outside traditional market hours.
“We’ve already enabled 24/5 trading; now we need the funding to match, so clients can move with the markets instead of waiting for them,” Hassan said in a release.
“Our partnership with Ripple empowers us to extend the same funding, and custody experience our clients already rely on to stablecoins and digital assets, so their capital keeps working around the clock instead of sitting idle overnight or over a weekend.”
The integration means DriveWealth can provide immediate funding for customer collateral accounts and manage those accounts using stablecoins converted into cash in near real time.
The agreement also adds RLUSD to a growing range of institutional financial services. Earlier this week, Standard Chartered launched custody for RLUSD on the XRP Ledger.
Earlier this year, Ripple and LMAX Group reached a deal aimed at expanding institutional use of stablecoins, supported by $150 million in financing.
Ripple also partnered this week with Privy, which is owned by Stripe, to introduce embedded wallets to the XRP Ledger.
Jack McDonald, Ripple’s senior vice-president of stablecoins, said the discussions had developed beyond DriveWealth’s initial requirement for cross-border settlement.
“DriveWealth came to Ripple with a specific challenge around cross-border settlement, but it quickly became clear there was an opportunity to do much more together,” McDonald said.
“By integrating Ripple’s full product suite into DriveWealth, we’re modernizing how money moves and is supported across trading, custody and settlement.”
The two companies will discuss the partnership at Ripple Swell on 28 October.
