Ripple gets full support at Uphold

Financial services provider Uphold is expanding its crypto assets portfolio and will enable full support of XRP that goes live on May 24
21 May 2018   1805

The former digital money platform known as BitReserve – currently branded as Uphold is looking forward to expanding its crypto offering even more. This time a full support of Ripple's XRP is rolling out on the platform on May 24. Back in March a member poll was conducted to decide the next token to support on the platform.

Ripple won with an overwhelming majority and was enabled to be traded by Uphold users from the corresponding wallets. There was even a zero-fee campaign for the first 5 mln XRP purchased to celebrate the launch. Now the full support is incoming with clients being able to trade using any wallets.

We are thrilled to announce that starting today Uphold members have access to buy and sell XRP right from their Uphold wallet. For a limited time and in celebration of this launch, Uphold is offering ZERO fees for the first 5M XRP purchased*.

This is another important milestone for our members and for Uphold as XRP is one of the fastest growing digital assets and the third most valuable cryptocurrency with a market cap of $24,838,048,184.

 

Uphold statement from March 30

Uphold serves 184+ countries with 30+ currencies (both traditional and crypto) and commodities providing frictionless foreign exchange and cross-border remittance around the world. The service combines a platform app model with payment connectivity to offer financial services to a global market.

BTC is Better For Global Remittances Than XRP - Bitspark

CEO George Harrap is sure that the first cryptocurrency is much more practical because it is accepted by much more companies to pay
28 May 2019   393

The head of Bitspark, George Harrap, expressed the opinion that Bitcoin is better suited for cross-border payments than the Ripple's XRP token, which was specifically designed for this purpose, Crypto Briefing reports.

In particular, Harrap is sure that the first cryptocurrency is much more practical because it is accepted by much more companies to pay. At the same time, various services use XRP rarely because of its insufficient liquidity when exchanging for fiat currencies. This situation makes the Ripple token expensive to pay.

Bitspark researchers have published a report that assesses the suitability of various cryptocurrencies for making international payments. Thus, experts assigned Bitcoin and Ethereum “medium degree of suitability”. At the same time Stellar, thanks to the built-in decentralized exchange and the convenience of issuing stablecoins, received a higher mark.

The xRapid and xCurrent solutions, where the XRP token is used, are assigned a low degree of suitability due to their low liquidity when interacting with fiat money. In particular, according to Harrap, xRapid is convenient for operations with one currency, however, interaction with several monetary units is fraught with considerable difficulties. For example, an attempt to convert US dollars to Kenyan shillings will require payment routing through various channels and, possibly, conversion into various currencies, which translates into significant commissions.

The number of Ripple gateways that exist hasn’t changed in four years and basically consists of bitcoin exchanges for people to speculate on the price of XRP for BTC. None of these companies are remittance companies, nor are they using XRP for its intended purpose.
 

George Harrap

Head, Bitspark

Also in the company's report says that despite the low rate of transactions, the level of mass adoption of bitcoin is high, and it is more often used in payments than XRP.

There are no liquid Nigerian naira (NGN) and Ethereum (ETH) market, EOS and Vietnamese dong or XRP and Philippine peso markets. The only market which has sufficient liquidity and people willing to provide a local currency in exchange for a cryptocurrency is usually bitcoin.
 

George Harrap

Head, Bitspark

CoinMetrics researchers recently revealed a discrepancy of $ 84 million in Ripple reporting and XRP blockchain data.