Just weeks after promoting several XRP-related initiatives, the Uphold crypto exchange is now focusing on broader strategic moves, including a potential IPO or sale.
In a recent interview, Uphold’s CEO, Simon McLoughlin, disclosed that the exchange is considering going public through an IPO in the United States or potentially selling itself to another firm.
In line with this strategic vision, McLoughlin said the exchange’s board has hired Financial Technology (FT) Partners to evaluate the options of a potential sale or IPO.
According to him, several financial institutions, including banks and payment firms, are courting Uphold, and he suggests that a trade might be an option.
$1.5B Public Offering?
Despite the disclosure, McLoughlin did not reveal the potential valuation Uphold is targeting for its IPO. However, a source with direct knowledge of the matter disclosed that the valuation could exceed $1.5 billion.
Discussions around Uphold’s IPO come less than a week after USDC stablecoin issuer Circle saw significant success with its public offering.
Notably, Circle’s shares (CRCL) hit an all-time high of $137 yesterday, marking a 341% increase from their initial price of $31. However, the stock has since dropped to $115.
Uphold’s 2025 Revenue to Exceed $300M
Meanwhile, McLoughlin indicated that Uphold has witnessed significant growth since he became CEO in 2022. He predicted that Uphold’s revenue could exceed $300 million this year, representing a 275% surge from the $80 million recorded in 2022.
The CEO attributed this tremendous growth to enterprise-level collaborations, including an alliance with a German bank. For perspective, Uphold also partnered with IG Group, allowing the U.K. financial firm to offer direct crypto trading and custody services.
Ongoing Support for XRP
Uphold is a popular crypto trading platform that enables users to buy, sell, and hold assets such as Bitcoin, Ethereum, and XRP. Despite supporting multiple cryptocurrencies, Uphold has consistently shown strong support for XRP.
The platform initially listed XRP in March 2018, just two months after the token reached its all-time high. While many exchanges delisted XRP in early 2021 due to the SEC’s enforcement actions against Ripple, Uphold continued to list XRP, offering users an avenue to buy and sell the coin.
Moreover, it has introduced several features tied to XRP, including a crypto investment basket and a debit card that allows users to earn an XRP bonus. Last month, Uphold disclosed that it was exploring ways to enable XRP holders to earn yields on their holdings following a partnership with Flare Network.
In the same month, the exchange launched an initiative dubbed Direct Salary Deposit, which allows users to earn 4% rewards in XRP anytime they receive salaries through their Uphold accounts.
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