Uphold Exchange recently reportedly received an award from Attorney John Deaton for supporting the Ripple community. Additionally, we currently have a large amount of XRP in our reserves.
Standing for steadfast support for XRP and the community
New York-based cryptocurrency exchange Uphold disclosed We have never delisted XRP from our platform. The exchange said on Twitter that it is strongly supportive of the XRP community despite a long-running lawsuit between Ripple and the SEC.
The statement follows calls from American cryptocurrency companies to relist XRP on their platforms. In particular, the lengthy legal battle between the SEC and Ripple in December 2020 impacted the price of Ripple’s native coin.
The SEC alleged that some Ripple executives violated U.S. securities rules by selling XRP without registration. However, Ripple insisted that XRP is a digital currency, not a security.
then some crypto exchange Delisting You have deleted your XRP token or disabled your cryptocurrency’s services. However, some exchanges such as Newton have recently relisted and enabled XRP services.
Reacting to Recent Situation on Twitter, John Deaton praised I support the posture of supporting XRP. He said it was a great business decision for the cryptocurrency exchange to keep his XRP trading on its platform while awaiting the court’s ruling on the lawsuit.
Additionally, Deaton said Uphold made a significant profit between January 2021 and 2023 by not delisting XRP. He said XRP trading volume contributes a large portion of the exchange’s trading fees.
Uphold Release PoR Report
Exchange release A Proof of Reserves (PoR) system to build user confidence in your operations. According to the PoR report, Uphold holds fiat currency and digital assets at a slightly overcollateralized rate of 100.9%.
Additionally, the exchange holds billions of crypto assets worth tiered according to the classes and services they offer. The platform has her XRP among Tier 3 crypto assets that customers can hold, buy, sell, send, deposit, and withdraw.
Additionally, the PoR report shows that Uphold owns approximately 2.1 billion XRP tokens worth $1.08 billion. This positions XRP as one of the largest single-asset holdings on exchange platforms.
Uphold’s XRP holdings are now larger than its Bitcoin holdings, which is BTC worth $131.1 million. Uphold also recorded his XRP trading volume as 28.33% of the total trading volume on the platform.
New York-based cryptocurrency exchange Uphold says XRP was never the first to appear on CryptoSlate.
