Uphold will purchase XRP on the open market for its ODL trading and promises not to touch customer funds

Web3 financial platform Uphold plans to purchase XRP on the open market for its ODL (now Ripple Payments) transactions and promises that it will never use customer deposit funds. “We will leverage our expertise in purchasing fiat and cryptocurrencies, including XRP, on the open market to facilitate near-instant cross-border funds transfers through Ripple ODL,” Uphold said. ODL is a payment solution that uses XRP to enable real-time cross-border transfers. It works by converting one currency into XRP, sending the XRP across borders, and then converting it back to the target currency, all within seconds. Uphold requires the purchase of XRP to use it as a bridge currency for ODL transactions. It is reported that the largest cryptocurrency position held by customers on the Uphold platform is XRP, worth US$1.25 billion. By comparison, customers hold just $168 million worth of BTC on Uphold. (The Crypto Basic) Earlier news, Ripple announced that it would cooperate with Web3 financial platform Uphold to enhance Ripple’s cryptocurrency liquidity to enhance its cross-border payment infrastructure. This collaboration will enable Ripple to provide cross-border payment services to global customers more quickly and flexibly, and will help businesses achieve efficient cryptocurrency-to-fiat currency transfers and bank payments.