Uphold Holds the Largest Amount of XRP
According to a report highlighted by legal expert John Deaton, Uphold, Ripple’s recent partner, holds the largest amount of XRP among its crypto holdings. The platform has $1.25 billion worth of XRP in customer funds, surpassing its customers’ $168 million worth of Bitcoin. This revelation surprised Deaton and others because it means that Uphold has nearly ten times more XRP than BTC. Some speculate that Uphold acquired this large XRP holding by attracting businesses from competitors who delisted the token after the SEC filed a lawsuit against Ripple.
XRP’s Contribution to Uphold’s Growth
XRP has played a significant role in Uphold’s growth. According to Deaton, the token represented 62% of the company’s trading fees for over two years. When he signed up on the platform, Uphold only had five million users, but now it boasts 30 million users.
Increase in XRP Holdings
The partnership between Ripple and Uphold is expected to further increase XRP holdings on the platform. Uphold will provide its infrastructure for Ripple Payments, which focuses on cross-border transactions. Additionally, Uphold will offer liquidity to process these transactions by sourcing XRP from the open market instead of using its existing customers’ holdings.
Supportive Partnership
Uphold has consistently shown support for Ripple’s vision, and many in the XRP community are backing this partnership. They appreciate how Uphold has stood by the token through challenging times.
XRP Trading Performance
As of now, XRP is trading at around $0.57, experiencing a 2% increase in the last 24 hours.
Hot Take: Uphold’s Bullish Stance on XRP
Uphold’s significant XRP holdings and its commitment to supporting Ripple’s ecosystem demonstrate its bullish stance on the utility token. Uphold’s partnership with Ripple is expected to further strengthen their position in the market, attracting more users and increasing XRP holdings on the platform. This collaboration reflects Uphold’s confidence in the future potential of XRP and its dedication to providing seamless cross-border transactions through Ripple Payments.
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