Attorney Deaton marvels at Uphold’s massive XRP balance sheet of $1.05 billion.
Attorney John Deaton, Managing Partner of Deaton Law firm, has reacted to New York-based crypto exchange Uphold’s recently-published proof-of-reserves (PoR). Interestingly, Deaton is more focused on Uphold’s balance sheet for XRP.
Yesterday, Uphold’s Head of Research, Dr. Martin Hiesboeck, shared the company’s PoR, showing that the exchange holds a whopping $1.71B worth of assets in reserve. Additionally, Uphold also has an obligation of $1.69B.
Interestingly, XRP accounts for $1.05 billion of Uphold’s total assets, with an obligation of $1.05 billion.
Reacting to the development, attorney Deaton said Uphold’s balance sheet for XRP shows why the exchange has remained a big fan of the XRP community.
Look at @UpholdInc’s balance sheet of #XRP. No wonder they’re big fans of the #XRPCommunity. https://t.co/kH9CZD2h9U
— John E Deaton (@JohnEDeaton1) July 5, 2023
Uphold’s Unwavering Support for XRP
Notably, Uphold has consistently thrown its weight behind XRP since the SEC sued Ripple in December 2020. While most top crypto exchanges like Coinbase and Kraken halted XRP trading, Uphold has continued to support the coin.
As reported in April, Uphold said that it never delisted XRP. The company showed proof that it holds over 2B XRP in its reserve.
While most people fear that Uphold might face sanctions from the SEC for supporting XRP secondary market trading, the exchange noted that the coin meets its listing criteria.
Last month, Uphold unveiled two interesting services for XRP enthusiasts. As reported, Uphold unveiled a customizable over-the-counter (OTC) trading platform for XRP and other crypto assets.
Similarly, XRPL-based non-custodial wallet Xumm partnered with Uphold to enable users to purchase XRP using debit/credit cards.
Deaton Reveals Benefits of Not Delisting XRP
Meanwhile, attorney Deaton believes that Uphold’s continuous support of XRP trading is a smart business decision.
According to Deaton, XRP accounts for a healthy percentage of Uphold’s trading fees between January 2021 and January 2023.
Recall that most U.S.-based crypto exchanges, like Coinbase, started halting XRP support in January 2021. Consequently, XRP investors were forced to rely on Uphold as the famous centralized exchange to buy and sell the coin.