Greg Kidd will invest $57.7 million in UpHold

The Ripple token (XRP) was not particularly well received by cryptocurrency users. Despite this, a large number of reputable investors see serious prospects in it. According to globalcoinreport. com, one of the first investors of the Coinbase exchange, Greg Kidd, is going to invest substantial capital in UpHold, which is its direct competitor. 

 UpHold will not only introduce the Ripple token onto its platform, but also undertakes to provide each client with an insurance plan that will protect all deposits. This will really have an impact on the entire sector. After the hacking of the Coinbase exchange, apparently, security will be a key focus on all trading platforms.

UpHold has been operating for about 4 years, but compared to Bitstamp, Coinbase and GDAX, it was clearly losing in terms of daily trading turnover. Therefore, the contribution, equal to almost $ 60 million, looks quite interesting from the outside.

Due to the rise in the price of Ripple, most exchanges began to actively work with this currency, and only UpHold remained on the sidelines.

Part of Kidd’s investments will be used to introduce Ripple to the trading platform and provide clients with insurance, the remaining amount will be used to finance a new division, Uphold Labs, which will be engaged in research and development of the company.

All funds are allocated by venture capital Kidd's Hard Yaka fund.

In the past, Greg Kidd has invested capital in Coinbase and other major exchanges, as well as Twitter.

Some skeptics believe that investing in UpHold is pure manipulation. Others are of the opposite opinion, since it was known that the exchange was planning to introduce Ripple before.

Kidd comments on his decision by saying that he wants to protect himself and clients in case of hacking by introducing a deposit rate.

Whatever the investor’s motive, the use of Ripple by another exchange adds positive. By adding capital insurance to this, UpHold will be able to gain a solid reputation and attract new regular customers. Against the backdrop of the fact that most exchanges do not provide insurance to clients - the reason is insufficiently developed infrastructure or a simple lack of funds, UpHold already looks more than attractive. Kidd's investment will enable it to emerge as a leader in the sector.