See Coinbase, Digital Money Platform Uphold Now Offers Full Functionality with XRP Ledger

Mobile payments startup Uphold has finally completed integrating the XRP ledger to its platform, which means that Uphold members now have full access to the XRP ledger including the ability to deposit and withdraw XRP to/from external addresses

Uphold is a digital money platform serving 184 countries across more than 30 currencies (both traditional and digital) and commodities with frictionless foreign exchange and cross-border remittance for members around the world. Since its launch in 2015, Uphold has powered more than $3 billion in transactions.

Uphold combines a platform app model with payment connectivity to offer financial services to a global market. Uphold empowers innovation in financial services through a platform approach where app developers and fintech partners can leverage Uphold’s reach through licensed relationships with banks and financial services partners around the world. Built on a core of proprietary technologies and e-money apps, Uphold embraces a future where people and businesses around the world have access to safe, transparent, fair and affordable financial services.

Uphold is the only company to publish real-time reserve holdings, guaranteeing that its members are provided with the necessary information to make informed decisions. Uphold has global operations in Braga, London, Los Angeles, Mexico City, and San Francisco.

In March this year, Uphold started launching support for Ripple’s XRP cryptocurrency. And finally, full support for the XRP Ledger has been announced. This is a huge milestone for the Uphold ecosystem, as XRP has become one of the fastest growing digital assets in 2018 and is now the third most valuable cryptocurrency with a market cap of $23 million.

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“We were the first to make XRP easily available in the U.S., expanding our offering to include full connectivity to the XRP ledger was the clear next step,” CRO of Uphold Robin O’Connell said.

According to the Uphold’s blog,  the company believes in the future of financial services and is working continuously to build a platform that supports that vision. Support of XRP is an example of how Uphold continues to expand and support the growing demand for digital currencies, including tokens, coins, and emerging assets.

“When we launched support of XRP, we did so in a two-phase launch, first phase support without connectivity to the external network. Which meant our members held XRP but were not able to deposit or withdrawal outside of Uphold. With the launch of phase-two, our members now have full access to the XRP ecosystem, including depositing and withdrawing into/out of their Uphold wallets,” Upload said.

Uphold is now able to issue actual XRP wallet addresses, which allows for more use among investors. In total, there are 9 different ways to access XRP on Uphold, including bank transfer, debit or credit cards.

Many Uphold users have already tried the new feature and shared their experience on Twitter.

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UK Banking App Revolut Adds Ripple and Bitcoin Cash Trading

Revolut, London-based fintech startup that created the first app allowing customers to invest in Bitcoin, is adding Bitcoin Cash and Ripple to its cryptocurrency feature.

Revolut is the UK-based payments company which uses investments to further expand its operations and allow users to purchase and sell digital currency. Founded in 2015 by former institutional trader Nikolay Storonsky, it is a digital banking alternative that includes a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments.

Last December, Revolut became the first banking app to let customers invest in Bitcoin. Now Revolut will offer them the chance to buy Ripple and Bitcoin Cash as well.

Ripple and Bitcoin Cash are the third and fourth most popular cryptocurrencies by market value. Among cryptocurrencies that have already been made available for clients to trade within the app are bitcoin, litecoin and ethereum.

“We’ve been asking the Revolut community which cryptocurrencies they would like to see next, and the demand for both XRP and Bitcoin Cash has been absolutely overwhelming,” said Vlad Yatsenko, Revolut chief technology officer.

According to the company, the decision to include Bitcoin Cash and XRP was made because “other major cryptocurrency exchanges are yet to support these digital currencies”.

“After months of negotiation and development work, we’re incredibly excited to offer exposure to these two digital currencies to the UK market,” Vlad Yatsenko said.

A fee for cryptocurrency transactions makes up 1.5%. In comparison with a traditional cryptocurrency exchange, you can’t send or receive cryptocurrencies from your Revolut account. All you can do is buy tokens in the app. If you want to transfer those tokens somewhere else, you’ll have to sell them for USD, GBP, etc. and then buy cryptocurrencies on a traditional exchange using your fiat money.

Revolut conducts over 100,000 cryptocurrency transactions per day. Recently, the startup added a new feature called Vaults. With the feature, Revolut users can set up a vault to save money over time. You can round up your spare change every time you make a transaction.  You can also set up recurring payments to set aside a bit of money daily, weekly or monthly. Moreover, you get to choose the currency of your vault, which is a good way to hedge against the volatility of cryptocurrencies.

More than 50,000 of Revolut’s customers signed up to the feature. However, they don’t earn interests on vaults. This feature is just a way to set some money aside that doesn’t appear in your main Revolut account.

Revolut has extensive plans for growth. The company wants to bulk up its engineering and design staff in order to expand into the United States, Canada, Singapore, Hong Kong, Australia and New Zealand this year.

“By expanding overseas, we will be empowering millions of people to take control over their financial lives, and in the process, we will be reducing the cost of international transfers by partnering with the best players in the financial world,” Revolut said.