Digital payment platform Uphold is betting big on Ripple's XRP, as CEO JP Thieriot indicates, predicting significant institutional interest in the cryptocurrency.
Thieriot underlined the significance of recent developments, specifically the resolution of Ripple's high-profile legal battle with the SEC, which declared XRP as not a security.
With the lawsuit now mostly behind them, Ripple and its native cryptocurrency, XRP, are now set to experience major growth, capitalizing on a financial landscape that is increasingly gravitating toward digital assets.
Uphold, which has supported XRP throughout the legal dispute, sees this as an opportunity to expand its services and cater to the growing demand for digital assets.
Thieriot highlighted the transformative effect of this ruling for the XRP market and beyond. Uphold's CEO believes that the clarity of XRP's legal status will foster an atmosphere of growth and innovation. Specifically, Uphold's Vault, a product for self-custody of digital assets, will serve XRP first, with other blockchains to follow in quick succession.
The potential for institutional involvement is also on the rise following the Ripple lawsuit verdict, as per Thieriot. Traditional financial institutions in Europe and the UK, in particular, are showing interest in offering digital assets, many turning to Uphold for white-label solutions.
This spells significant potential for XRP, which has already established a foothold in cross-border payments. With more traditional players exploring crypto offerings, the currency is poised for major growth, ushering in a new era of financial innovation and prosperity for the cryptocurrency market.
Comparing the current climate of blockchain technology and cryptocurrency adoption to the dotcom boom, Thieriot insists that like the internet, blockchain tech will take time to reach mainstream adoption.
He further highlighted blockchain's utility in facilitating cost-effective, efficient cross-border transactions. Uphold is working on additional projects, including a non-custodial fiat on-and-off ramp called Topher, and collaborations with gaming companies to create a payments architecture for the conversion of in-game digital assets to non-fungible tokens (NFTs).
Tomiwabold Olajide
Mushumir Butt
Yuri Molchan
