The US-based exchange Uphold is unveiling its vault service in September with early access for XRP holders.
In an interview, the CEO of Uphold crypto exchange, Simon Mcloughlin, elaborated on its upcoming product launch. The product centers around crypto custodial services with early access to XRP holders.
Specifically, the exchange will introduce Uphold Vault with an Early Access program catering to XRP investors.
Uphold CEO Simon McLoughlin shares the benefits of the upcoming self-custodial solution, Uphold Vault 🔒
▪️ Security of self custody
▪️ Multichain wallet
▪️ Easy key recovery
▪️ Early access for #XRP holders
— Uphold (@UpholdInc) August 23, 2023
In the interview, Mcloughlin detailed the essence of the Uphold Vault. He highlighted its significance as the company’s flagship launch slated for the latter half of the year.
According to him, the vault introduces a novel self-custodial solution. He said it combines the security of managing personal keys with the convenience of an integrated platform. This implies that users can easily move their assets to and fro the self-custodial wallet and the Uphold trading platform.
The Uphold CEO remarked:
“They’re adjacent to the Uphold platform. So you can call the assets back from your self-custodial wallet into the trading venue and benefit from the token choice.”
Meanwhile, one of the pivotal aspects of the Uphold Vault is its dual-key structure. Mcloughlin revealed that holders possess two keys while Uphold retains one. According to the CEO, this move is to simplify self-custody for individuals less inclined towards complex technological processes.
Additionally, Mcloughlin clarified that this design guarantees smooth asset movement without dependence on Uphold. He further highlighted the fail-safe mechanism in the system. In particular, users have a backup key with Uphold in case they misplace one of their keys.
Early Access to XRP Holders
Furthermore, Mcloughlin noted that the vault will be a multichain wallet. He particularly mentioned that it will support XRP out of the gate as it launches next month. In his words:
“So it’s going to support XRP out of the gate. It launches in September. But it’s also going to support Bitcoin, Ethereum, Stellar, XDC.”
Also, Mcloughlin argued that traditionally, managing multiple layer-one blockchains necessitates separate self-custodial wallets. However, he claims Uphold Vault is all-encompassing in nature, eradicating the inconvenience.