Uphold, a prominent crypto broker, has unveiled its reserves data, shedding light on substantial holdings of XRP tokens. The report has captivated the XRP community, revealing that Uphold currently holds an impressive $1.056 billion worth of XRP in its reserves.
The assets held by Uphold effectively cover the obligations beyond XRP holders, per the latest data. This noteworthy report has also drawn attention from renowned attorney and digital asset enthusiast John Deaton, who commended Uphold's XRP balance sheet.
Look at @UpholdInc’s balance sheet of #XRP. No wonder they’re big fans of the #XRPCommunity. https://t.co/kH9CZD2h9U
— John E Deaton (@JohnEDeaton1) July 5, 2023
The figures indicate that XRP accounts for approximately 28.5% of the total transactions conducted on the Uphold platform, with a combined total exceeding 17.4 million transactions. This usage and adoption of XRP on Uphold further emphasizes the popularity of and demand for the digital asset among users. What adds to its significance is the revelation that XRP assets make up approximately 59% of all assets on Uphold.
Among other things, Uphold's report demonstrates that the platform's coverage surpasses liabilities, standing at 101.3%. This in some way reinforces the broker's commitment to maintaining a solid financial standing.
The release of this data definitely highlights the platform's dedication to ensuring a secure environment for its users. Nevertheless, one should not forget the number one rule of the crypto market: not your keys, not your coins.
Godfrey Benjamin
Arman Shirinyan
Alex Dovbnya
