According to CEO JP Thieriot, the digital payment platform Uphold is placing a major wager on Ripple’s XRP and forecasting strong institutional interest in the cryptocurrency.
Thieriot emphasised the importance of recent events, particularly the outcome of Ripple’s well-publicized legal spat with the SEC, which determined that XRP is not a security.
Now that the litigation is mostly behind them, Ripple and its native cryptocurrency, XRP, are poised to see significant growth and take advantage of the financial environment’s growing preference for digital assets.
This presents a chance for Uphold, which has backed XRP throughout the legal struggle, to build its business and meet the rising demand for digital assets.
Thieriot emphasised how this decision will fundamentally alter the XRP market and other markets. The CEO of Uphold thinks that XRP’s legal status being made clear would encourage development and innovation. In particular, XRP will be served initially by Uphold’s Vault, a platform for self-custody of digital assets, with additional blockchains quickly following.
According to Thieriot, the likelihood of institutional engagement has increased as a result of the Ripple case ruling. Particularly in Europe and the UK, traditional financial institutions are showing interest in providing digital assets, and many of them are looking to Uphold for white-label solutions.
This means that XRP, which has already made a name for itself in cross-border payments, has a lot of potential. The cryptocurrency sector is primed for significant expansion as more established firms investigate its services, ushering in a new age of financial innovation and wealth.
Thieriot argues that, like the internet, it will take time for blockchain technology to gain widespread adoption. He compares the present environment of blockchain technology and cryptocurrency adoption to the dotcom boom.
He also emphasised the value of blockchain in enabling affordable, effective cross-border transactions. In addition, Uphold is partnering with gaming firms to develop a payments architecture for converting in-game digital assets into non-fungible tokens (NFTs), as well as a non-custodial fiat on-and-off ramp dubbed Topher.
