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Uphold, a leading American exchange, has launched a new self-custody service called “Uphold Vault.” This service is initially available to XRP investors and aims to enhance the security of crypto assets. Uphold Vault utilizes a multi-signature framework, allowing users to retain control of two out of three necessary keys for transactions.
The self-custody solution offered by Uphold Vault addresses the common problem of losing private keys in digital asset management. It is designed to preserve cryptocurrency holdings and provides users with complete control over their investments. The system employs a multi-signature system where users hold two of the three required keys, ensuring ownership of assets even if Uphold’s system becomes unavailable.
Uphold has strategically chosen to roll out the Vault service to XRP investors initially, with plans to add support for additional cryptocurrencies in the future. This decision aligns with Uphold’s commitment to the XRP community and solidifies its ties to the network. The company also expressed its intention to expand the service to enable more networks and tokens.
In terms of future plans, Uphold aims to provide Bitcoin functionality in the first quarter of 2024 and plans for a full deployment early in the year. The Vault service is seamlessly integrated with the Uphold trading platform, offering users access to secure asset storage and trading. Uphold’s staged approach demonstrates its dedication to providing a flawless customer experience.
Uphold, which currently serves over 10 million customers in over 140 countries, has established itself as a major participant in the digital asset market. The company operates under the oversight of FinCen and state authorities in the US, ensuring user security and compliance. Uphold has conducted transactions totaling more than $4 billion since its launch and supports over 200 cryptocurrencies and fiat currencies.
With the launch of Uphold Vault, Uphold aims to address the security concerns prevalent in the crypto industry, such as hacks and the vulnerability of centralized exchanges. The new self-custody solution offers enhanced security and control for crypto assets, providing users with a reliable and secure platform for managing their investments.