Uphold claims that it has never delisted XRP; has in reserve tokens worth $1.04 billion
Ripple XRP has legally battled with the United States Securities and Exchange Commission (SEC) since 2020.
Uphold stated unwavering support for XRP and the community
New York-based crypto trade Maintain has revealed that it never delisted XRP from its foundation. Despite the prolonged lawsuit between Ripple and the SEC, the exchange stated on Twitter that it strongly supported the XRP community.
The statement comes in response to requests from American cryptocurrency companies to relist XRP on their platforms. Prominently, the extensive fight in court between the SEC and Wave in December 2020 impacted the value of Wave’s local coin.
According to the SEC, some executives at Ripple sold XRP without registering, in violation of US securities laws. However, Ripple maintained that XRP is not a security but rather a digital currency.
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The XRP token was then removed from some cryptocurrency exchanges’ listings or their services for crypto assets were disabled. Newton is one of the exchanges that has recently relisted and made their services available for XRP.
John Deaton thanked Uphold for its support of XRP in response to the current situation on Twitter. He said that the crypto exchange’s decision to keep XRP trading on its platform while waiting for the court’s decision in the lawsuit was a smart business move.
In addition, Deaton stated that Uphold benefited greatly from not delisting XRP between January 2021 and 2023. He mentioned that a larger portion of the exchange’s trading fees came from XRP trading volume.
Uphold releases PoR report
To increase user trust in the exchange’s operations, its proof of reserves (PoR) systems were made available. The PoR report says that Uphold has a 100.9% overcollateralized ratio between its fiat and digital assets.
In addition, the exchange holds billions of dollars’ worth of cryptocurrencies, which are categorized into tiers according to the classes and services they provide. Customers on the platform are able to hold, purchase, sell, send, deposit, and withdraw XRP, which is one of its tier three crypto assets.
Furthermore, the PoR report showed that Maintain holds XRP tokens worth $1.04 billion in its stores. As a result, XRP is one of the exchange platform’s largest asset holdings.
Uphold currently has $131.1 million worth of Bitcoin, but its XRP holdings are greater than its Bitcoin holdings. Additionally, Uphold recorded that XRP accounted for 28.33 percent of the platform’s total transactions.
