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Uphold’s Chief Revenue Officer (CRO) confirms reasons to continue listing XRP on its exchange despite the lawsuit with the US Securities and Exchange Commission.
In a recent panel discussion on tokenization, Nancy Beaton, the Chief Revenue Officer (CRO) of Uphold, a leading US-based trading platform, affirmed that the XRP token meets all the legitimate criteria for listing on the exchange.
During the panel, Beaton discussed Uphold’s rigorous listing criteria, emphasizing the company’s commitment to compliance and security. She said Uphold maintains a listing committee that reviews tokens based on factors such as security, audits, founders’ credibility, token distribution, and other legitimate criteria.
Join @UpholdInc CRO Nancy Beaton as she shares insights on Uphold's token listing criteria, community partnerships, and their decision to maintain the listing of XRP. Stay informed on crypto industry developments. Watch the panel discussion from #XRPLasVegas2023. pic.twitter.com/a4av1pNO8H
— Linqto (@linqtoinc) May 29, 2023
Interestingly, according to the CRO, approximately 70% of the tokens that seek listing on Uphold’s platform do not meet its stringent standards. On the other hand, XRP checked all the boxes.
Regarding the decision to retain XRP on the platform despite the ongoing lawsuit, Beaton explained that Uphold prioritizes compliance and legality. While acknowledging the existence of the lawsuit, she noted that Uphold’s legal counsel had found no legal precedent that would require them to delist XRP.
The revenue officer maintained that until there is legal clarity, the exchange believes it is prudent to retain support for XRP and keep it listed on the platform.
This approach contrasts the decision taken by other exchanges, such as Kraken and Coinbase, both of which ceased support for XRP shortly after the SEC’s charges surfaced. Coinbase, which has also had legal issues with the SEC, remains firm in this decision despite its CLO agreeing with Ripple’s position in the lawsuit.
XRP Ledger Partner Features
Notably, besides Uphold’s Revenue Officer, the recent panel also featured Fabio Velarde, the Strategic Growth Manager of Sologenic, shedding light on the collaboration between Uphold and Sologenic.
Sologenic is an ecosystem built on the XRP Ledger, providing a comprehensive range of services related to XRP, including asset tokenization, decentralized trading, an NFT marketplace, and an ideal launchpad.
On the other hand, Uphold acts as an entry point to this technology, serving as a partner to Sologenic. Uphold recently listed Coreum and Sologenic on its platform, and the partnership has been instrumental in promoting these tokens to its users.
Similarly, as previously reported by The Crypto Basic, Sologenic’s token, SOLO, became the first XRPL token to be listed on a Tier 1 exchange last July when Huobi Global, a leading crypto exchange in South Korea, declared support for it.