Uphold, the global web3 financial platform, has announced the inclusion of bitcoin as a new asset to be deposited into its Vault, offering a simplified self-custody wallet for digital assets. Uphold CEO, Simon McLoughlin, emphasized the importance of enhanced security and trading convenience as bitcoin ownership expands. The platform also supports XRP and plans to add more assets in the future.
Key Takeaways
- Uphold's Vault now supports bitcoin as a depositable asset, expanding its multi-chain assisted self-custody wallet.
- The addition of bitcoin to Vault allows mainstream holders to access self-custody while trading conveniently on Uphold's centralized platform.
- Vault's new key generation service reduces the risk of irrecoverable fund loss, addressing a major obstacle to mainstream adoption of self-custody.
- Uphold's commitment to expanding Vault's offerings includes adding more XRPL based assets and L1 chains throughout 2024.
- Uphold, named the Best Crypto Exchange in the UK, offers a unique "Anything to Anything" interface and is regulated in the U.S., UK, Canada, and Europe.
News Content
Uphold, a global web3 financial platform, has announced the addition of bitcoin as a supported asset in its Vault, an assisted self-custody wallet. This move aims to provide mainstream bitcoin holders with enhanced security and the convenience of a centralized trading venue, reducing the risk of irrecoverable fund loss and easing the challenges of managing bitcoin keys and wallets.
Uphold's Vault not only supports XRP and BTC but also plans to offer additional XRPL based assets and more L1 chains such as XLM and XDC in 2024. Uphold, recognized as the Best Crypto Exchange in the UK by Forbes Advisor, serves millions of customers in over 140 countries and offers seamless access to digital assets and national currencies while ensuring optimal execution and superior liquidity.
Analysis
Uphold's addition of bitcoin to its Vault could have significant implications for both individual users and the broader cryptocurrency market. The enhanced security and convenience offered may attract more mainstream bitcoin holders to the platform, potentially impacting other centralized trading venues. Additionally, the planned expansion to support additional assets and L1 chains in 2024 could position Uphold as a key player in the growing web3 financial ecosystem. This move may also influence the adoption and valuation of the supported assets, impacting global investors and the regulatory landscape. Uphold's recognition as the Best Crypto Exchange in the UK further solidifies its influence in the industry.
Do You Know?
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Vault: An assisted self-custody wallet offered by Uphold, a global web3 financial platform. It is designed to provide enhanced security and convenience for mainstream bitcoin holders, minimizing the risk of fund loss and simplifying the management of bitcoin keys and wallets.
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XRPL based assets and L1 chains: Uphold's Vault plans to offer additional assets based on the XRP Ledger (XRPL) and more Layer 1 (L1) blockchain networks, such as XLM (Stellar) and XDC (XinFin Network), in 2024.
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Best Crypto Exchange in the UK by Forbes Advisor: Uphold has been recognized as the top cryptocurrency exchange in the UK by Forbes Advisor and serves millions of customers across 140 countries, offering seamless access to digital assets and national currencies with a focus on optimal execution and superior liquidity.