Pro-XRP trading platform Uphold now holds an impressive $1.25 billion worth of XRP. This substantial holding is more than seven times the value of Bitcoin held by Uphold’s customers, which stands at $168 million.
Renowned crypto legal expert, John Deaton, who pinpointed this on X, wrote, “It bears mentioning that XRP makes up Uphold’s largest crypto holding, amounting to $1.25 billion worth of the token in customer funds. For context, customers only hold $168 million worth of Bitcoin (BTC) on Uphold.”
Read Also: XRP Top Wallet Teams Up With Uphold to Unveils Exciting News for XRP Holders
The decision to hold such a significant amount of XRP highlights Uphold’s undeniable confidence in the future of XRP. The move comes amidst speculation that Uphold may have gained business from competitors who delisted XRP after the SEC filed a lawsuit against Ripple in 2020.
Deaton believes that Uphold’s success can be largely attributed to its XRP holding. He points out that XRP accounts for a remarkable 62% of Uphold’s trading fees, sustaining the company’s growth for over two years.
Uphold, which had a modest five million users when Deaton first signed up, now boasts an impressive user base of 30 million.
💯 Matt. I can’t give a source for what I’m about to say, but from what I heard, #XRP represented 62% of @UpholdInc’s trading fees for a period of over 2 years. When I became a customer/user of the platform, it had 5M users. Today, it stands at 30M users/customers.
— John E Deaton (@JohnEDeaton1) October 28, 2023
Uphold and Ripple’s Synergistic Partnership
As part of the partnership with Ripple, Uphold will leverage its robust infrastructure to support Ripple Payments, a service focused on facilitating cross-border transactions. Additionally, Uphold will provide the necessary liquidity to ensure seamless transaction processing for Ripple.
To achieve this, Uphold has made it clear that it will not utilize its existing customers’ XRP holdings. Instead, they will rely on their expertise to procure XRP from the open market. This approach displays Uphold’s commitment to maintaining the integrity of its customer accounts while actively supporting Ripple’s vision.
Read Also: Uphold Opens the Door of XRP Payments for Ripple in the United States. Here’s how
Uphold’s Bullish Outlook on XRP
Uphold’s bullishness on XRP is reflected in their long-standing support of the token. Uphold first listed XRP in 2014 and remained steadfast even during Ripple’s legal battles with the SEC.
Several factors contribute to Uphold’s optimism surrounding XRP. Firstly, XRP transactions are fast, cheap, and scalable, making it an ideal solution for cross-border payments. The exchange actively collaborates with multiple money transfer companies, utilizing XRP to power cost-effective and rapid international payments.
Secondly, XRP enjoys widespread adoption, making it one of the most prominent cryptocurrencies globally. It is listed on major exchanges and supported by numerous wallets and payment processors. This seamless accessibility makes it convenient for Uphold to acquire and trade XRP for its diverse customer base.
Additionally, Uphold may anticipate a favorable outcome in the SEC lawsuit against Ripple, which could result in a substantial increase in its XRP holdings value.
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