Uphold Adds Zero-Fee Ripple Transactions

Uphold, the cloud-based digital currency exchange and platform, has made a bold move in order to attract new users and entice investors interested in ripple (XRP). A report by bitcoinist.com indicates that Uphold recently launched XRP trading on its exchange platform. Perhaps more importantly, however, is the fact that the first 5 million XRP purchased through the exchange will be available with zero transaction fees.

Uphold Attempts to Meet XRP Demand

Uphold launched the XRP offer in response to user interest in the cryptocurrency. Uphold CEO Adrian Steckel explained that “there has been huge demand for XRP, and Uphold is one of the first platforms to make XRP easily accessible.” Besides the offer of no-cost transactions for the first 5 million XRP tokens sold, Uphold also offers its customers the opportunity to efficiently convert XRP into many other currencies. Uphold currently allows XRP conversion into seven other digital currencies as well as 23 different fiat currencies and even a number of precious metals. (For more, see also: Bitcoin: What Does 2018 Hold In Store?)

Uphold and XRP Partnership Anticipated

To those who have followed Uphold in recent months, the partnership with XRP perhaps comes as no surprise. The exchange previously received a substantial funding offer from a former executive for the cryptocurrency. Nonetheless, Uphold now offers a platform of numerous cryptocurrencies which rivals the lists of many other popular exchanges. Besides XRP, Uphold customers can also transact in bitcoin, litecoin, bitcoin cash, bitcoin gold, ethereum, dash and BAT.

The move to include XRP could also be seen as a play against Coinbase, consistently one of the most popular digital currency exchanges in the United States. Coinbase currently does not offer XRP, in spite of persistent rumors that the exchange will add ripple to its offerings in the near future. Coinbase is famously hushed about new additions to its platform before they are launched, but some users are interpreting Coinbase’s recent announcement of support for ERC20 tokens as a sign that it may shift its focus toward ethereum-based altcoins. (For more, see also: Coinbase Adds Support for Ethereum-based ERC20 Tokens.) 

Uphold has worked to set itself apart from Coinbase, which is seen as a more standardized exchange. Uphold, on the other hand, focuses on cryptocurrency-to-cryptocurrency conversion and storage in a so-called “cloud money vault.”

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.

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