Uphold exchange CEO Simon McLoughlin sheds light on why Uphold’s support for XRP during its delisting from other exchanges garnered continued backing from the XRP community.
In a recent interview, Uphold CEO Simon McLoughlin discussed the recent re-listing of XRP on multiple exchanges. He acknowledged that the re-listings eased strains on Uphold’s trading system, but he made an intriguing observation.
Uphold CEO Simon McLoughlin explains why the #XRP community continues to stand by Uphold after the SEC ruling.
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Despite rival platforms like Coinbase offering higher prices for XRP, Uphold witnessed a consistent influx of net deposits. This outcome defied Uphold’s initial expectation of outflows, as they had projected that XRP investors would migrate to other trading platforms.
According to McLoughlin, Uphold’s continuous support for the XRP community throughout the regulatory lawsuit against Ripple influenced this unexpected result.
Uphold’s Unique Role and User Trust
McLoughlin attributed the turnout to Uphold’s history of supporting XRP for the past two years while other exchanges chose to delist the digital asset. Uphold took pride in the risk it undertook by not delisting XRP, sensing a sense of vindication as a result.
Furthermore, Uphold’s commitment to security and transparency played a significant role in gaining the trust of users. McLoughlin emphasized the importance of trust in the current climate. Uphold stands out by publishing its customers’ real-time assets and liabilities on a public website, a practice upheld since 2014. Additionally, Uphold’s transparency practices have been vetted by RSM Robson Rhodes, a reputable audit firm in the US and UK.
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McLoughlin delved into Uphold’s driving principles, which arose in response to the opaque operating procedures of traditional banks following the 2008 financial crisis. Uphold aimed to address the lack of transparency and uncertainty regarding how financial institutions handle customer funds.
To combat this, Uphold built a financial institution that never lends out customer funds and openly displays its assets and liabilities. This approach distinguishes Uphold as a transparent and trustworthy platform.
As Uphold’s decision to stand by XRP pays off in continued community support, the exchange remains committed to its core values of transparency, security, and customer satisfaction.
Uphold’s Transparent Approach Sets the Standard in the Industry
One of Uphold’s core principles centers around transparency, which distinguishes it as a leader in the cryptocurrency industry. McLoughlin elaborated on Uphold’s commitment to openness and how it has contributed to the platform’s success.
Real-Time Updates and Trustworthiness: Uphold takes pride in its unique practice of publicly publishing its customers’ real-time assets and liabilities on its website. This feature, available since 2014 and updated every 30 seconds, allows users to monitor their holdings with complete transparency.
The Uphold CEO emphasized that in an era where trust is highly valued, users appreciate the ability to verify their holdings at any given moment. This transparency engenders a sense of trust and confidence in Uphold’s platform, further solidifying its reputation among the cryptocurrency community.
Read Also: Uphold Reveals it Never Delisted XRP, Now Holds about 2.1 Billion XRP in Its Reserves: Details
Third-Party Validation: To further establish its credibility, Uphold’s transparency practices have undergone scrutiny from RSM Robson Rhodes, a respected audit firm in the United States and United Kingdom. This external validation reaffirms Uphold’s commitment to providing a secure and reliable platform for its users.
By subjecting its transparency practices to third-party audits, Uphold offers an additional layer of assurance to its customers. Uphold’s dedication to maintaining open and audited operations sets it apart from many other platforms in the industry.
Uphold’s transparency-driven approach not only instills confidence in users but also sets a new standard for the cryptocurrency industry as a whole. By openly displaying its assets and liabilities, Uphold aims to disrupt the traditional banking model and empower individuals to have complete control over their finances.
Through its unwavering commitment to transparency, Uphold continues to revolutionize the way financial institutions operate. Uphold users benefit from unparalleled visibility into their holdings, ensuring a level of trust and accountability that is essential in the world of cryptocurrencies.
As Uphold leads by example, other platforms may be inspired to adopt similar transparency practices, fostering greater trust and transparency throughout the entire industry.
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