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Uphold Will Not Use Customer Funds for Ripple Payments Transactions

Published 10/29/2023, 06:32 PM
Updated 10/29/2023, 06:45 PM
Uphold Will Not Use Customer Funds for Ripple Payments Transactions
XRP/USD
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  • Uphold announces its plans to purchase XRP on the open market for Ripple Payments transactions across borders.
  • Ripple recently announced its strategic partnership with Uphold for serving customers in the US.
  • The move intends to avoid using customer funds for the Ripple Payments transactions.

The global, multi-asset trading platform Uphold recently announced its decision to purchase Ripple’s XRP token on the open market for Ripple Payments (formerly known as On-Demand Liquidity) dealings. The platform’s critical move further strengthens Uphold’s strategic partnership with Ripple Labs, which intends to offer Ripple Payments services to clients in the United States through Uphold.

The new update on Uphold’s partnership with Ripple came following a customer’s inquiry about the use of customer deposits in the transactions. Clarifying prevailing doubts, Uphold shared an X post, asserting, “We will, however, be using our expertise in sourcing both fiat and crypto (XRP included) on the open market, in order to facilitate the near instantaneous transfer of money across borders via Ripple ODL”.

The post Uphold Will Not Use Customer Funds for Ripple Payments Transactions appeared first on Coin Edition.

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