A recent report revealed that Uphold Exchange has been supporting the Ripple community, earning high praise from attorney John Deaton. Additionally, it currently holds a large amount of XRP in its reserves.
Uphold claims unwavering support for XRP and the community
New York-based cryptocurrency exchange Uphold revealed that it never delisted XRP from its platform. The exchange said it strongly supports the XRP community despite the protracted lawsuit between Ripple and the SEC.
The statement comes after a call for U.S.-based cryptocurrency companies to list XRP on their platforms. Notably, the lengthy legal dispute between the SEC and Ripple in December 2020 affected the price of Ripple’s native token.
The SEC accused several Ripple executives of violating U.S. securities rules by selling XRP without registration. However, Ripple insists that XRP is a digital currency and not a security.
Subsequently, some cryptocurrency exchanges delisted XRP tokens or disabled their crypto asset services. However, some exchanges, such as Newton, have recently relisted and activated XRP services.
In response to recent events on Twitter, John Deaton praised Uphold for his pro-XRP stance. He noted that it was a sound business decision for the exchange to keep XRP trading on its platform until the court rules on the case.
Additionally, Deaton claimed that Uphold would benefit greatly by not delisting XRP from January 2021 to 2023. He mentioned that XRP trading volume accounts for a large portion of exchange transaction fees.
Uphold publishes PoR. Report
The exchange launched a Proof of Reserve (PoR) system to build user trust in its activities. According to the PoR report, Uphold owns both fiat and digital assets with a slightly higher collateralization ratio of 100.9%.
Additionally, the exchange has billions of crypto assets classified according to the types and services they offer. The platform employs XRP in a level 3 crypto asset that customers can hold, buy, sell, spend, deposit and withdraw.
Additionally, the PoR report indicates that Uphold holds $1.04 billion worth of XRP in its reserves, and of course, XRP is one of the largest assets held on the platform.
Uphold’s XRP holdings are larger than Bitcoin’s — currently at $131.1 million. Furthermore, XRP transaction volume recorded by Uphold accounted for 28.33% of the total transaction volume on the platform.
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