Cryptocurrency Platform Uphold Adds Support For Ripple’s XRP

Announcements, News | March 29, 2018 By:

Cryptocurrency platform Uphold has added support for Ripple’s XRP cryptocurrency. XRP becomes the eighth cryptocurrency it offers, joining bitcoin, Litecoin, Bitcoin Cash, Bitcoin Gold, ether, Dash, and BAT.

Uphold is the creator of a digital money platform that lets users access traditional currencies, cryptocurrencies, and other investments. Uphold claims to have powered more than $3 billion in transactions across 184 countries in more than 30 supported currencies and four commodities. Via its API integrations, the Uphold platform also powers cryptocurrency payroll services, robo-trading, gold trading, and browser-based advertising payments.

The addition of XRP will allow Uphold users to purchase the cryptocurrency directly from the website with no transaction fees for the first 5 million XRP purchased, and they may convert XRP into other cryptocurrencies, 23 fiat currencies, and four precious metals. XRP is the third largest cryptocurrency in the world, with a market capitalization of about US$22 billion.

“The XRP ecosystem is diversifying and growing rapidly,” said Miguel Vias, head of XRP markets at Ripple. “The listing of XRP on Uphold, a strong retail platform that offers customers easy access to digital assets, underscores the significant increase in demand for XRP.”

Uphold vice chairman J.P. Thieriot said XRP’s addition follows a Twitter poll earlier this month that indicated the cryptocurrency was the most-desired token to be added, taking 51 percent of just over 12,000 votes. It also comes following Uphold’s acquisition of mobile commerce and authentication firm Cortex MCP, and a $57.5. million investment from former Fed Reserve senior analyst and Ripple chief risk officer Greg Kidd in January.

In the coming weeks, the Uphold platform will integrate the Ripple network to enable deposits and withdrawals of XRP.

“Generally, we have to find counterparties we can trade with, given our system, [since] we don’t have an internal order book,” Thieriot said. “We have to create an integration with a third party. In the case of XRP, it’s an entirely new blockchain – it’s not like adding an ERC-20 token, which is relatively trivial for us.”