After many teasers, the prominent American exchange Uphold has finally unveiled its self-custody solution dubbed “Uphold Vault,” with initial access to XRP investors.
The exchange took to X to disclose the launch of Uphold Vault, heralding it as an assisted “state-of-the-art self-custody solution.” Per the disclosure, the crypto-based vault service is designed to safeguard crypto assets and defend against losing private keys.
Uphold Vault is ???? ?#UpholdVault is our state-of-the-art assisted self-custody solution, built to keep your assets secure & protect against private key loss ?
Here's a brief overview: pic.twitter.com/ZKC29Gi6ui
— Uphold (@UpholdInc) December 7, 2023
Uphold’s Assisted Self-Custody Solution
According to the exchange, Uphold Vault employs a multi-signature framework with three keys tied to the vault. The first two are Vault and Backup keys, while the third is “Uphold Key.”
Notably, users retain two out of the three keys. The availability of the two keys is necessary to execute a transaction. Uphold noted it implemented the procedure to enable users to operate autonomously in a scenario where Uphold’s system is inaccessible.
Furthermore, the exchange stated that it can assist in replacing and restoring access to the vault should a user misplace the Vault Key or Backup Key. However, Uphold clarified that it does not gain access to the user’s keys or assets throughout the key replacement process.
“You remain in full control from beginning to end. If our systems were to go down, your assets remain accessible at all times.” the exchange stated.
Early Access to XRP Investors
Interestingly, the American exchange released the Uphold Vault in beta, granting access to only XRP holders following its promise in July. While XRP is currently the only supported digital asset, the exchange has promised to support other cryptocurrencies in the coming weeks.
The statement read:
“Vault is now available for XRP, with support for additional networks and tokens coming in the future. We’re really excited about the possibilities Uphold Vault brings to the XRP community.”
Emphatically, this gesture may be seen as a strategic initiative to fortify Uphold’s enduring relationship with the XRP community.
Notably, this assisted crypto self-custody solution provides trading access, as Uphold has engineered it for instant connectivity to the Uphold trading platform.