Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Ripple Partner's Staggering XRP Holdings Revealed, Do They Know Something You Don't? appeared on www.newsbtc.com by Scott Matherson.
In a recent development, the crypto holdings of Ripple’s most recent partner, Uphold, have been highlighted as further evidence that the Web3 financial platform is very bullish on the Ripple ecosystem and the utility token XRP, which is used to facilitate transactions on Ripple Payments (formerly known as ODL).
Uphold’s Largest Crypto Holding
In a post on his X (formerly Twitter) platform, pro-XRP legal expert John Deaton quoted a report that stated that XRP made up Uphold’s largest crypto holding. The platform is said to hold $1.25 billion worth of the token in customer funds. This is more impressive as Uphold’s customers only hold $168 million worth of Bitcoin on the platform.
Deaton could not hold back his surprise at these figures as it meant that there were almost 10 times more XRP on the platform in comparison to BTC. As to the reason why Uphold may have such a large XRP holding, YouTuber Matt stated that it could be from the platform getting all the businesses from their competitors when they delisted the token.
Major crypto exchanges, including the second largest crypto exchange by trading volume, Coinbase, delisted the XRP token after the Securities and Exchange Commission (SEC) 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, noting that the token represented “62%” of the company’s trading fees for over two years. He further mentioned how Uphold only had five million users when he signed up on the platform, but now, it boasts 30 million users.
XRP On The Platform Set To Increase
The XRP holdings on the platform are expected to increase with the newly forged partnership between Ripple and Uphold. As part of the partnership, Uphold will provide its infrastructure to be used in furtherance of 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 has stated that it won’t use its existing customers’ XRP holdings but will instead use its “expertise” to source XRP on the open market.
Uphold has, over time, shown to be a firm believer in Ripple’s vision, and many in the XRP community seem to be very supportive of the partnership, with some highlighting how Uphold stuck by the token through “thick and thin.”
At the time of writing, XRP is trading at around $0.57, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Token price surges pasts $0.6 | Source: XRPUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on www.newsbtc.com by Scott Matherson – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!