Uphold Never Delisted XRP, Now Holds 2B+ XRP in Its Reserves

XRP’s trade volume on the platform is one of the largest for any crypto asset, underscoring a massive adoption rate.

Uphold, a leading digital financial services platform headquartered in New York, has reiterated that it never delisted XRP despite the long-standing legal case between Ripple and the U.S. Securities and Exchange Commission (SEC). This disclosure comes amidst calls for American-based crypto platforms to relist the asset. 

“PSA: Uphold never delisted XRP,” the financial platform mentioned in a recent tweet. The team further noted that their continued support for XRP is an attempt to always “be there for the XRP community.”

PSA: Uphold never delisted $XRP ?

We've always been there for the #XRP community ?#UpholdXRP #relistXRP

— Uphold (@UpholdInc) April 4, 2023

Deaton applauded the exchange by saying: “… Brilliant business decision not to suspend XRP trading and wait until the decision comes down by the Court.”

Between January 2021 and January 2023, I bet #XRP represents a healthy percentage of trading fees earned at Uphold. Very smart business decision to not suspend trading and wait until the decision comes down by the Court. https://t.co/TbX9do8Stf

— John E Deaton (@JohnEDeaton1) April 4, 2023

Following the charges brought on Ripple by the SEC in December 2020, up to 26 exchanges either delisted XRP or disabled crypto services for the asset. These include Coinbase, Binance.US, OKCoin, and a host of others. Though some of these platforms, such as Newton, have relisted the asset, the vast majority of them have failed to do so.

Being one of the few American-based finance platforms with continued support for XRP, investors have flocked to Uphold to buy, sell, trade, and hold their XRP tokens. This has led to a massive surge in Uphold’s XRP reserves, as revealed in its Proof-of-Reserves (PoR) system.

Uphold Has 2.1B XRP in its Reserves

Uphold is one of the multiple platforms that have publicized their PoR systems to assuage investors’ concerns. According to its PoR report, Uphold claims to hold its fiat and crypto assets at a slightly overcollateralized ratio of 100.9%. The platform holds billions worth of assets which it characterizes into tiers based on their class and the services enabled.

? Proof of Reserves ?

The Uphold platform is 100%+ reserved ✊

Always has been and always will be ?

— Uphold (@UpholdInc) April 4, 2023

XRP is among the tier 3 assets and cryptocurrencies users can “buy, hold, sell, deposit, withdraw and send” on the Uphold platform. Data from the PoR system shows that Uphold has $1,079,850,490 ($1.07 billion) worth of XRP in its reserves, making XRP one of the single largest holdings on the platform. This figure amounts to 2.1 billion XRP.

Moreover, XRP’s transaction volume currently stands at 28.33%, the highest for any tier 3 asset. For context, Bitcoin’s transaction volume is currently 13.91%. In addition, Uphold’s XRP holdings are much higher than its Bitcoin holdings which currently sit at $131.1 million worth of BTC.