$1 Billion Worth Of XRP Revealed To Be Held By Uphold

By Kevin • April 20, 2023 11:06 am • Comments

Deaton has recently mentioned to the XRP community on Twitter that they had tremendous significance when it comes to impacting the global XRP markets.

Due to the XRP community’s support, Uphold had decided to never delist XRP and even used XRP for its own proof-of-reserves.

This indicates that the company sees that XRP has intrinsic value and as a way to protect capital which is something that it has not done most other digital assets.

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As of today, Uphold has revealed that they currently hold around $1 billion worth of XRP in its proof of reserves which is the single largest asset holdings on the platform.

In fact, it is nearly 10x more than the Bitcoin holdings that the platform currently has.

U.today reports:

Deaton also provides the information that XRP volumes account for 28.33% of total transactions on the platform. Notably, Uphold has more than 250 cryptocurrencies and stablecoins for users to buy, sell and trade on its platform.

Thus, the XRP volumes remain significant. According to Uphold’s transparency page, XRP assets held in its reserve equal $1,080,899,106, while those of Bitcoin equal $140,644,629 worth of BTC.

Uphold’s support for XRP dates back to early 2018, when, after conducting a Twitter poll, XRP emerged as the preferred choice of respondents for the platform’s listing.

In March 2018, XRP was added to the list of cryptocurrencies that users can buy or trade on its platform after Uphold announced support.

Even today, Uphold continues to express support for the XRP community and has continued to fulfill its promise that it will never delist XRP.

This is despite the strong anti-crypto and anti-XRP agenda that the SEC is currently pursuing within the United States which could impact its business.

Additionally, it was noted that Uphold’s business had benefitted significantly between January 2021 and 2023 due to its decision to keep XRP.

The data is showing that XRP trading volume had consisted the largest percentage of the exchange’s trading fees which means it provided the most revenue for the business.

CryptoSlate concludes:

The exchange released its proof of reserves (PoR) systems to build its users’ confidence in its operations. According to the PoR report, Uphold has its fiat and digital assets at a slight overcollateralized ratio of 100.9%.

Further, the exchange holds billions worth of crypto assets characterized into tiers depending on the classes and services they offer. The platform has XRP among its tier 3 crypto assets that customers can hold, buy, sell, send, deposit, and withdraw.

Additionally, the PoR report indicated that Uphold holds XRP tokens worth $1.04 billion in its reserves. This places XRP among the single largest asset holdings on the exchange platform.

Uphold’s XRP holdings are greater than its Bitcoin holding, currently at $131.1 million worth of BTC. Also, Uphold recorded XRP transaction volume as 28.33% of total transactions on the platform.

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