Uphold, a digital finance platform, recently made headlines because it holds a massive 1.59 billion XRP – worth about $4.81 billion at the current price. This made people wonder if Uphold was secretly hoarding XRP.
Setting the Record Straight
Uphold’s CEO, Simon McLoughlin, quickly jumped on X (formerly Twitter) to clarify things. He stressed that all that XRP belongs to Uphold’s customers, not the company itself. He emphasized the platform’s commitment to transparency and security.
Uphold’s Unique Approach
McLoughlin explained that Uphold operates differently than other crypto exchanges. They’re all about “radical transparency,” meaning they always keep over 100% reserves and publish their assets and liabilities in real time. You can always check if your money is there!
Even better, Uphold never loans out customer deposits. Your money is yours, and available for withdrawal instantly. Their risk management team has experts from finance and law enforcement, ensuring compliance and security. Plus, Uphold operates in the US, UK, and Europe, and undergoes regular US state audits.
The XRP Community Shows its Appreciation
The XRP community reacted positively to McLoughlin’s statement. Many praised Uphold for its loyalty to XRP, especially during tough times like the SEC lawsuit against Ripple. One prominent analyst, Moon Lambo, even said he’s been using Uphold for seven years because of their support for XRP.
Many users shared similar stories, highlighting how Uphold continued to support XRP trading when other exchanges dropped it. Some even said they’re willing to pay higher fees on Uphold because of the platform’s reliability and quick customer service. Their loyalty and support clearly built a strong relationship with their customers.