In a recent development, the crypto holdings of Ripple’s most recent partnerUphold, have been highlighted as further evidence that financial platform Web3 is very bullish on the Ripple ecosystem and its utility token XRPthat is used to facilitate transactions Ripple payments (formerly known as ODL).
Uphold’s largest crypto holding company
In a after on its X platform (formerly Twitter), pro-XRP legal expert John Deaton quoted a report saying XRP made it up Enforcement of largest crypto holding company. The platform is said to hold $1.25 billion in token customer funds. This is even more impressive because Uphold’s customers only have $168 million worth of Bitcoin on the platform.
Deaton couldn’t suppress his surprise at these numbers as it meant there was almost 10 times more XRP on the platform compared to BTC. On why Uphold has such a large XRP stake, YouTuber Matt says declared that it could be because the platform took away all the businesses from their competitors when they removed the token.
Major crypto exchanges, including the second largest crypto exchange by trading volume, Coinbase, removed the XRP token after the Securities and Exchange Commission (SEC) has filed a lawsuit against the company and its executives back in 2020.
While agreeing with Matt’s comment, Deaton also mentioned how XRP contributed to Uphold’s growth: noticing that the token represented “62%” of the company’s trading costs for more than two years. He went on to say that Uphold only had five million users when he signed up on the platform, but now it has 30 million users.
XRP on the platform will increase
XRP holdings on the platform are expected to increase with the newly forged partnership between Ripple and enforcement. As part of the partnership, Uphold will provide its infrastructure for use to promote the Ripple Payments service, which focuses on cross-border transactions.
Uphold will further provide Ripple with the liquidity needed to process these transactions. To achieve this, Uphold declared that it will not use the XRP holdings of its existing customers, but will instead use its “expertise” to source XRP on the open market.
Over time, Uphold has demonstrated one strongly believes in Ripple’s visionand many in the XRP community appear to be very supportive of the partnership, with some to emphasize how Uphold stuck with the sign through ‘thick and thin’.
At the time of writing, XRP is trading around $0.57, up over 2% in the past 24 hours. facts from CoinMarketCap.
Token price surges pasts $0.6 | Source: XRPUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com