Uphold Gets $57.5-M Funding To Raise Loss Assurance, Add Ripple

Jan 29, 2018 at 11:09

Digital currency platform Uphold entered into a $57.5-million partnership with Greg Kidd, an early investor in Ripple, Square, Coinbase, among others.

The partnership is aimed to increase its loss assurance for consumers to around 20 percent of total current crypto holdings, considered an industry-leading move where most companies offer little or no consumer coverage.

“This is a landmark partnership for Uphold, our members and the crypto market. We have always provided our Members with unparalleled transparency and safety, as well as the greatest choice of currencies, now we’re also giving them unprecedented asset protection,” the firm said.

Apart from raising loss assurance, Uphold said the collaboration will also allow to accelerate its product development activities, focusing on adding new assets, more connectivity to financial systems, as well as blockchain and Ripple-centric projects.

Under the partnership, Uphold Labs will also be formed to speed up research and development efforts its consumer and partner solutions businesses. This will be funded through Kidd’s investment vehicle, Hard Yaka.

“Uphold stands out as an entity that is pioneering the infrastructure, controls, and culture that inspires confidence from regulators and users alike. I’m thankful to get to work with the Uphold team to bolster the already outstanding R&D and compliance foundation at the firm,” Kidd said.