- The CEO of Uphold announces that Uphold Vault will arrive in September.
- The self-custodial wallet will make its debut on the XRP Ledger (XRPL).
- Users of Uphold Vault will enjoy many perks including multi-chain transactions.
In an interview with WallStreetBulls, a leading financial blog, the CEO of Uphold reveals something exciting for the XRP community. According to this video, he reveals that Uphold will soon release a self-custodial wallet by integrating with the XRP Ledger (XRPL).
Read CRYPTONEWSLAND on
google news
Presently, Uphold users find it difficult to transfer certain funds from their Uphold wallet to another wallet. This is because Uphold is yet to integrate with a blockchain that can support these particular crypto assets.
From the information that came out on this video, this will no longer be an issue. By September, Uphold plans to launch Uphold Vault, a self-custodial wallet integrated with the XRP Ledger.
Indeed this is major news for the crypto community, especially for the XRP community. By integrating with XRPL, Uphold Vault users will experience a platform that combines the convenience of CeFi with the ultimate security of a self-custodial wallet.
Specifically, on Uphold Vault, every user will receive 3 keys. Of this 2 keys will remain with the user. Meanwhile, the third key will stay with Uphold Vault in case of a backup. This is an effort to simplify security and give power to the user.
So now, customers can move funds without any dependence to Uphold. For instance, in case the app is down, users can still move their funds to wherever they please if they wish. However, the funds still remain proximate to the Uphold trading platform.
Therefore, Uphold Vault users can pull their funds back from their self-custodial wallet to trade on the platform with total security of the wallet. This can be accomplished since only the user will be the sole holder of the wallet key.
In addition to this perk, Uphold Vault will also be a multi-chain self-custodial wallet. Thus, users will have the simplicity of transferring their funds across multiple layer-1 chains. Uphold Vault will also make the recovery key journey an easy one.
The CEO of Uphold concludes by saying crypto was meant to make things easier and is looking forward to bringing this experience to the masses. Finally, he says he looks forward to the launch on XRPL in September and is eager to see the XRP community be the first to interact with Uphold Vault.
Read Also
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
