Ripple News: Uphold’s XRP Balance Sheet Impresses Attorney Deaton: “No Wonder They’re a Big XRP Fan”

The post Ripple News: Uphold’s XRP Balance Sheet Impresses Attorney Deaton: “No Wonder They’re a Big XRP Fan” appeared first on Coinpedia Fintech News

Crypto space is again buzzing as one New York-based crypto exchange has captured the attention of Attorney John Deaton. Uphold, known for its commitment to supporting XRP, recently unveiled its proof-of-reserves (PoR) report, and Deaton was particularly intrigued by the exchange’s impressive XRP balance sheet. 

How XRP Dominated the Uphold Balance Sheet? 

In a shocking revelation, Uphold’s Head of Research, Dr. Martin Hiesboeck, shared the PoR, revealing that Uphold holds a staggering $1.71 billion in reserve assets. Additionally, the exchange has an obligation of $1.69 billion. However, what truly stood out to Deaton was Uphold’s substantial $1.05 billion worth of XRP on its balance sheet, with a corresponding obligation.

Deaton believes the reason could be Uphold’s remarkable XRP holdings offer insight into the exchange’s unwavering support for the XRP community, especially during Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).

Uphold’s Commitment to XRP

Secondly, while many major crypto exchanges, such as Coinbase and Kraken, suspended XRP trading in response to the SEC’s lawsuit against Ripple in December 2020, Uphold remained steadfast in its commitment to the digital asset. Uphold even provided evidence in April, demonstrating holdings of over 2 billion XRP in reserve.

Despite concerns about potential SEC sanctions for facilitating secondary market XRP trading, Uphold confidently asserted that XRP met its stringent listing criteria.

Leveraging XRP Enthusiast

To clarify, Uphold has gone above and beyond to cater to XRP enthusiasts, introducing two exciting services. Firstly, the exchange launched a customizable over-the-counter (OTC) trading platform, allowing users to engage in OTC trading for XRP and other cryptocurrencies. This move enhances accessibility and provides a tailored experience for traders. Additionally, Uphold partnered with Xumm, a non-custodial wallet based on the XRP Ledger (XRPL), enabling users to conveniently purchase XRP using debit or credit cards. 

However, Deaton also provided insights into Uphold’s choice not to delist XRP, emphasizing its strategic benefits. He said Uphold got a lot of its trading revenues from XRP between 2021 and 2023. In January 2021, most U.S. crypto exchanges stopped supporting XRP, but Uphold became a trusted centralized exchange for investors. 

Uphold’s steadfast support for XRP, exemplified by its robust balance sheet and ongoing commitment to trading, has solidified its reputation as a trusted partner for XRP enthusiasts during challenging times.