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$1 Billion Worth of XRP Held by Uphold in Biggest Asset Holdings: Details

Sun, 04/16/2023 - 10:04
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Tomiwabold Olajide
XRP dominates Uphold's assets with record-breaking $1 billion value
$1 Billion Worth of XRP Held by Uphold in Biggest Asset Holdings: Details
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CryptoLaw founder and XRP holders' attorney, John E. Deaton, points out the significance of the XRP community on Twitter.

Buttressing his point on how significant the XRP community is, Deaton makes reference to the multi-asset digital money platform Uphold, which holds $1 billion worth of XRP in its proof of reserves. Noteworthily, Uphold's XRP holdings surpass those of Bitcoin.

Deaton also provides the information that XRP volumes account for 28.33% of total transactions on the platform. Notably, Uphold has more than 250 cryptocurrencies and stablecoins for users to buy, sell and trade on its platform. Thus, the XRP volumes remain significant.

According to Uphold's transparency page, XRP assets held in its reserve equal $1,080,899,106, while those of Bitcoin equal $140,644,629 worth of BTC.

Uphold's support for XRP dates back to early 2018, when, after conducting a Twitter poll, XRP emerged as the preferred choice of respondents for the platform's listing.

In March 2018, XRP was added to the list of cryptocurrencies that users can buy or trade on its platform after Uphold announced support.

Uphold expresses support for XRP community

On Twitter, Uphold shared a throwback to a 2021 headline stating it would not delist XRP despite the Ripple lawsuit. The multi-asset trading platform states it strongly backs the XRP community.

The SEC sued Ripple in December 2020, alleging that the $1.3 billion sale of XRP constituted an unregistered security offering. Some cryptocurrency exchanges then delisted the XRP token or stopped supporting the digital asset. Uphold, on the other hand, continues to support XRP on its platform.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.