Uphold, a digital wallet recently announced the listing of XRP on its wallet. This allows users to buy and sell XRP directly from their Uphold wallet. In addition to this, Uphold is offering Zero transaction fees on the first 5 million XRP purchase as a celebration offer to its users.
Uphold even organized a poll on 20th March on Twitter asking its members which cryptocurrency they would like to see listed on the platform. XRP won the poll with 51% of 12000+ votes. Since XRP was already on their mind and an overwhelming support towards XRP boosted their confidence to list the coin on the platform.
Uphold had announced on Twitter regarding the same which says:
“$XRP was clearly top of mind for our members, when asked in a recent Twitter poll which cryptocurrency they wanted us to support—out of 12,000+ responses, followers overwhelmingly voted for XRP; which is now available on Uphold and with ZERO fees”
The wallet allows the trading of XRP with 34 different currencies, commodities and digital assets. The platform offers its U.S users to access the coin directly without an intervention. They can also exchange the XRP with twenty-three fiat currency and four precious metals.
Amy F, a Crypto enthusiast tweeted:
“I am SO excited about @UpholdInc! Not only did I easily purchase XRP, I just learned you can also buy precious metals and pay NO storage fees. Is this for real!? Thank you @UpholdInc! You’re a solution to both @Coinbase AND @KingdomTrustCo! “
Ninja_Trader, a Ripple HODL’er tweeted:
“@UpholdInc Just bought more $XRP at market using your platform….. it’s awesome. The best part it there was no transaction fee, Thank you!!!!
#tooeasy #crypto #xrp #ripple”
As a part of Phase 2, the Uphold platform will connect to the XRP ledger enabling a complete functionality of XRP including deposits and withdrawals of XRP to external wallets/ address. The phrase 1 being, Uphold members can purchase XRP with zero fees for a limited time period and can convert XRP with other supported currencies within the Uphold wallet.
J.P. Theriot, Vice Chairman of Uphold says:
“Uphold provides our members with the most cost-effective and transparent way to hold, send or convert money anywhere”
He even added:
“Adding XRP to our available currencies is a natural and exciting step forward for our platform.”
The Head of XRP markets of Ripple, Miguel Vias says:
The XRP ecosystem is diversifying and growing rapidly. The listing of XRP on Uphold, a strong retail platform that offers customers easy access to digital assets, underscores the significant increase in demand for XRP.”
According to CoinMarketCap, Ripple [XRP] is currently trading at $0.50 with a market cap $19 billion and has dipped more than 4% since the last 24 hours.
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SendFriend goes live in New Jersey; prepared to take on a $11 billion remittance corridor with Ripple
SendFriend, a next-generation remittance service that focuses on cross-border payments between the U.S. and the Philippines, today announced that it had gone live in the state of New Jersey, via a Twitter announcement.
We’re all excited for our launch, and today is the Day (for New Jersey)! Join thousands of Filipinos and come out to the Philippine American Friendship Committee Parade and check out our booth – We will be here all day! pic.twitter.com/PkcrGChwZ9
— SendFriend (@sendfriendinc) June 23, 2019
Ripple and SendFriend’s partnership was announced in late 2018, with the CEO of the latter, David Lighton, expressing his excitement at a Barclays Event in 2019. At the same event, Lighton also confirmed that SendFriend would be using Ripple’s xRapid payment solution that leverages XRP as a liquidity provider.
There is approximately $11.09 billion transferred between the U.S. and the Philippines in remittances every year. These largely use traditional payment methods that are slow and less efficient, when compared to newly developed blockchain-based solutions. The chart below shows the flow of remittances into the Philippines, with the U.S. accounting for the highest volume.
By using Ripple’s xRapid payment solution, money can easily be transferred in a few seconds. Not only does this save millions in fees by taking away middlemen, but it is also less time consuming.
Although xRapid has slashed fees and time for cross-border payments drastically, it has not gained traction due to a lack of regulatory clarity around cryptocurrencies. On February 11, 2019, SendFriend had announced the provision of an option for Overseas Filipino Workers [OFW] to send money “securely and reliably” across borders, with fees that are “65% lower than the industry average” in one “seamless flow.”
David Lighton had said,
“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families… This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
A Twitter user @mister_pace, commented,
“Based on these rates. You save about $13 to send 1000 using SendFriend over The next lowest MoneyGram”
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