A recent report revealed that Uphold Exchange has been supporting the Ripple community, attracting commendations from Ripple Attorney John Deaton. Moreover, it currently holds a large number of XRP in its reserves.
Uphold stated unwavering support for XRP and the community
New York-based crypto exchange Uphold has disclosed that it never delisted XRP from its platform. The exchange took to Twitter to state that it strongly backed the XRP community despite the prolonged lawsuit between Ripple and the SEC.
The statement follows the calls for crypto firms in America to relist XRP on their platforms. Notably, the lengthy legal battle between the SEC and Ripple in December 2020 affected the price of Ripple’s native coin.
The SEC alleged that some Ripple executives breached US securities rules through the sales of XRP without registration. However, Ripple maintained that XRP is a digital currency, not a security.
Subsequently, some crypto exchanges delisted the XRP token or disabled their services for the crypto assets. However, a few exchanges, like Newton, have relisted and enabled their services for XRP recently.
Reacting to the recent situation on Twitter, John Deaton commended Uphold for its stance in supporting XRP. He noted that it was a brilliant business decision for the crypto exchange to maintain XRP trading on its platform while waiting for the Court’s ruling in the lawsuit.
Further, Deaton stated that Uphold benefited immensely between January 2021 and 2023 by not delisting XRP. He mentioned that XRP trading volume contributed to a larger percentage of the exchange’s trading fees.
Uphold releases PoR report
The exchange released its proof of reserves (PoR) systems to build its users’ confidence in its operations. According to the PoR report, Uphold has its fiat and digital assets at a slight overcollateralized ratio of 100.9%.
Further, the exchange holds billions worth of crypto assets characterized into tiers depending on the classes and services they offer. The platform has XRP among its tier 3 crypto assets that customers can hold, buy, sell, send, deposit, and withdraw.
Additionally, the PoR report indicated that Uphold holds about 2.1 billion XRP tokens worth $1.08 billion in its reserves. This places XRP among the single largest asset holdings on the exchange platform.
Uphold’s XRP holdings are greater than its Bitcoin holding, currently at $131.1 million worth of BTC. Also, Uphold recorded XRP transaction volume as 28.33% of total transactions on the platform.
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