Uphold, a multi-purpose digital money platform announced that it has entered into a $57.5 million partnership with Greg Kidd, investor in Ripple, Square, Coinbase, and others, to increase loss assurance for consumers to around 20% of total current cryptocurrency holdings – an industry-leading move where most companies offer little or no consumer coverage.
The announcement was made at a private event in San Francisco for Uphold investors and partners where the company released proprietary data of the trading flows and transaction volume over the last 12 months between the seven cryptocurrencies featured on the Uphold platform on a country-by-country basis.
Furthermore, Kidd’s investment vehicle, Hard Yaka, will fund the creation of Uphold Labs to accelerate R&D efforts to its consumer and partner solutions businesses.
Adrian Steckel, CEO of Uphold said:
“This is a landmark partnership for the crypto market. We have always provided our Members with unparalleled transparency and safety, as well as the greatest choice of currencies, now we’re also giving them unprecedented asset protection. This collaboration will also enable us to accelerate our product development activities, focusing on adding new assets, more connectivity to financial systems, as well as blockchain and Ripple-centric projects.”
Greg Kidd will also join Uphold’s Board of Directors, he stated:
“I am impressed by the outstanding quality of Uphold’s technology as well as their rigorous compliance practices. Their operation is scaling fast and makes a great addition to the Hard Yaka stable of partnerships and businesses”
“Uphold stands out as an entity that is pioneering the infrastructure, controls, and culture that inspires confidence from regulators and users alike. I’m thankful to get to work with the Uphold team to bolster the already outstanding R&D and compliance foundation at the firm.”