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Full XRP Support and Reserves Confirmed by Major Platform's CEO

Sun, 08/20/2023 - 10:56
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Gamza Khanzadaev
Uphold CEO Simon McLoughlin voices strong support for XRP amid recent price drop
Full XRP Support and Reserves Confirmed by Major Platform's CEO
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In an interesting move, Uphold's CEO, Simon McLoughlin, highlighted the company's enduring commitment to the XRP community, shedding light on the safety of funds and the paramount importance of transparency.

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In a recent interview, McLoughlin disclosed that Uphold has experienced remarkable inflows of funds from retail crypto investors, with a notable emphasis on XRP-related transactions. Surprisingly, despite market predictions indicating outflows, the platform has witnessed substantial inflows. McLoughlin attributed this success to Uphold's steadfast support for the XRP community, a risk that has proven fruitful over two years.

The CEO underscored transparency as a key driver behind Uphold's recent achievements. He declared that Uphold is unrivaled in its sector, providing an up-to-the-minute reserve status update every thirty seconds. This real-time transparency has emerged as a cornerstone of the platform's appeal.

Proof of reserves

As evidenced by the current statistics showcased on Uphold's website, every asset within the platform maintains impressive 101.9% collateralization, with liabilities totaling $1.9 billion and corresponding reserves amounting to $1.936 billion. Notably, Uphold's XRP holdings boast liabilities of $1.233 billion, meticulously backed by corresponding reserves. The data highlights that transactions involving XRP contribute significantly, accounting for 28.41% of the platform's total turnover.

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The platform's visionary approach has for sure garnered substantial attention, setting it apart as a promising player in the ever-evolving landscape of digital finance. In a landscape often riddled with uncertainties, Uphold's resolute affirmation of XRP and its pioneering transparency initiatives signal a promising direction for the crypto industry.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.