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In a recent development, the crypto holdings of <\/span>Ripple\u2019s most recent partner<\/span><\/a>, Uphold, have been highlighted as further evidence that the Web3 financial platform is very bullish on the Ripple ecosystem and the <\/span>utility token XRP<\/span><\/a>, which is used to facilitate transactions on <\/span>Ripple Payments<\/span><\/a> (formerly known as ODL).\u00a0<\/span><\/p>\n In a <\/span>post<\/span><\/a> on his X (formerly Twitter) platform, <\/span>pro-XRP legal expert John Deaton<\/span><\/a> quoted a report that stated that XRP made up <\/span>Uphold\u2019s<\/span><\/a> largest crypto holding. The platform is said to hold $1.25 billion worth of the token in customer funds. This is more impressive as Uphold\u2019s customers only hold $168 million worth of Bitcoin on the platform.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n Deaton<\/span><\/a> could not hold back his surprise at these figures as it meant that there were almost 10 times more XRP on the platform in comparison to BTC. As to the reason why Uphold may have such a large XRP holding, YouTuber Matt <\/span>stated<\/span><\/a> that it could be from the platform getting all the businesses from their competitors when they delisted the token.\u00a0<\/span><\/p>\n Major crypto exchanges, including the second largest crypto exchange by trading volume, Coinbase, <\/span>delisted the XRP token<\/span><\/a> after the <\/span>Securities and Exchange Commission<\/span><\/a> (SEC) filed a lawsuit <\/span>against the company and its executives<\/span><\/a> back in 2020.<\/span><\/p>\n While agreeing with Matt\u2019s comment, Deaton also mentioned how XRP contributed to Uphold\u2019s growth, <\/span>noting<\/span><\/a> that the token represented \u201c62%\u201d of the company\u2019s trading fees for over two years. He further mentioned how Uphold only had five million users when he signed up on the platform, but now, it boasts 30 million users.\u00a0<\/span><\/p>\n The XRP holdings on the platform are expected to increase with the newly forged partnership between <\/span>Ripple and Uphold<\/span><\/a>. As part of the partnership, Uphold will provide its infrastructure to be used in furtherance of the Ripple Payments service, which focuses on cross-border transactions.\u00a0<\/span><\/p>\n Uphold will further provide Ripple with the liquidity needed to process these transactions. To achieve this, Uphold has <\/span>stated<\/span><\/a> that it won\u2019t use its existing customers\u2019 XRP holdings but will instead use its \u201cexpertise\u201d to source <\/span>XRP<\/span> on the open market.\u00a0<\/span><\/p>\n Uphold has, over time, shown to be a <\/span>firm believer in Ripple\u2019s vision<\/span><\/a>, and many in the XRP community seem to be very supportive of the partnership, with some <\/span>highlighting<\/span><\/a> how Uphold stuck by the token through \u201cthick and thin.\u201d<\/span><\/p>\n At the time of writing, XRP is trading at around $0.57, up over 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\nUphold\u2019s Largest Crypto Holding<\/h2>\n
XRP On The Platform Set To Increase<\/h2>\n