Bitcoin transactions over Ripple Network

I am interested in using the ripple network in conjunction with bitcoin transactions, but am curious as to interplay between the ripple ledger verification and the bitcoin blockchain verification.

I understand that the ripple network operates as essentially a series of IOUs and allows the ledger to be verified in an order of magnitude of seconds, however, a Bitcoin block takes on the order of magnitude of 10 minutes.

Does this mean that ripple transactions that involve bitcoin are entirely off the chain transactions or am I somehow missing something? I am just trying to get my head wrapped around the seemingly hand-wavy aspect that something that takes 10 minutes to verify can be used in a transaction that takes only 5 seconds to verify.

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