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On October 29th, Uphold, the Web3 financial platform, announced its plans to purchase XRP on the open market for its ODL (now known as Ripple Payments) transactions and vowed never to use customer deposit funds. Uphold stated, "We will leverage our expertise in purchasing fiat and cryptocurrencies, including XRP, on the open market to facilitate near-instant cross-border fund transfers through Ripple ODL."
ODL is a payment solution that uses XRP for real-time cross-border transfers. It operates by converting one currency into XRP, sending XRP across borders, and then converting it back into the target currency, all within a matter of seconds. Uphold needs to purchase XRP to use it as the bridge currency for ODL transactions.
Reportedly, the largest cryptocurrency holding of customers on the Uphold platform is XRP, valued at $1.25 billion. In comparison, customers on Uphold hold only $168 million worth of BTC. |
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Post time 2-11-2023 08:08:15
