Cryptocurrency platform Uphold has announced that it has received a $57.5 million investment from former Fed Reserve and Ripple employee Greg Kidd.
Uphold will join the board of directors Kidd will also help finance the R&D arm of Uphold Labs through an investment vehicle called the Hard Collar. Kidd has previously invested in names such as Coinbase, Square and Twitter.
In a statement, Kidd praised Uphold for being scalable and compatible.
In addition to creating
Uphold Labs, secured a loss of roughly 20% of Uphold‘s crypto assets with her investment. It also helped protect users from potential losses from cryptocurrency exchange volatility or other issues. I am ready to reserve my company as a backup. What this means is that if adverse events occur, we will be insuring that money works as a fractional reserve, protecting user balances.”
Uphold spokesperson, license said its revenues and development division will receive 20% of the funding, which will be used to increase the company’s connectivity with financial systems, as well as use it in projects connected with Ripple and add more cryptocurrencies. .
Afterwards, he said that close to 45% will be transferred to shares and the remaining 35% will be transferred to the reserve balance sheet.
Chief Executive Officer Adrian Steckel said the partnership will help provide “unprecedented asset protection” for Uphold.
Uphold >, formerly known as Bitreserve, provides users with Bitcoin and fiat units Offers foreign currency and international remittances. It also provides e-commerce services.
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