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XRP is witnessing surging institutional interest, as last week saw it rank among the top traded assets on Ascent from Uphold, the company’s new OTC trading platform for institutional investors.
Dr. Martin Hiesboeck, Head of Research at Uphold and Founder of Alpine Blockchain Consultants called attention to the development in a weekly review of the crucial developments surrounding the Uphold Ascent platform last week.
🚨 Update from @UpholdInc institutional:
The top traded assets on Uphold Ascent this week (Nov 4 – 11) were $BTC, $XRP, $KAS, $LINK, and $XDC.
We listed $TIA on Uphold Wallet and enabled for trading on Ascent. Celestia is a modular data availability network that securely… pic.twitter.com/eOaktVF2Rw— Dr Martin Hiesboeck (@MHiesboeck) November 12, 2023
Dr. Hiesboeck confirmed that the top traded crypto assets on Uphold Ascent from Nov. 4 to 11 were Bitcoin (BTC), XRP, Kaspa (KAS), Chainlink (LINK), and XDC Network (XDC). These assets caught the attention of institutional investors throughout last week, demonstrating their allure amid the sustained market run.
Notably, Dr. Martin Hiesboeck has adopted a pattern of highlighting this metric on a weekly basis. Last week’s disclosure revealed that XRP also clinched a spot among the most traded cryptocurrencies on Ascent from Oct. 29 to Nov. 5, standing out as the top traded asset.
Other Notable Developments on Uphold Ascent
Uphold launched the Ascent platform on June 1 to give institutional investors exposure to its portfolio of over 280 digital assets. According to Uphold, the platform boasts deeper liquidity and reliable token discovery capabilities, with an ability to handle large orders.
The latest weekly review of the platform also highlighted other notable developments. Dr. Hiesboeck noted that Uphold Wallet listed Celestia (TIA), the native asset of the new modular blockchain protocol, Celestia. In addition, Uphold further enabled TIA trading for its institutional clients on Ascent.
Furthermore, the platform integrated Arbitrum, announced on Nov. 8, to allow its customers to transfer their ARB tokens between external wallets and their Uphold Ascent wallet.
Uphold also modified its description on the Google Play Store to include Kaspa (KAS). The app description on the Play Store now mentions Bitcoin, KAS, and XRP. Meanwhile, on the Apple App Store, the description mentions Bitcoin, ETH, and XRP, showing the platform’s affinity to XRP.
Uphold’s Support for XRP
Uphold has demonstrated strong support for XRP, choosing to retain the asset when crypto exchanges in the United States delisted it amid Ripple’s legal battle with the U.S. SEC. As a result, most retail and institutional XRP investors have camped on Uphold, contributing to the increased volume on the platform.
Interestingly, due to the sheer amount of XRP investors on Uphold, the platform holds $1.5 billion worth of XRP in its reserves, much higher than the $183.9 million worth of Bitcoin. XRP makes up Uphold’s single largest crypto holding. Uphold also recently partnered with Ripple to bolster its payment offering in an extension of its support.