Uphold Initiates Profit Model Utilizing XRP…"Preparing for Staking and Direct Deposit Rewards"

The virtual asset (cryptocurrency) trading platform Uphold has officially announced that it has begun developing monetization products based on XRP.

On the 31st (local time), Uphold stated via X (formerly Twitter) that "various measures are being explored to enable XRP earnings features, including staking tests based on Flare Network." It continued, "We are currently exploring smart contract and decentralized finance (DeFi) opportunities for XRP and plan to unveil a beta version soon."

First, Uphold plans to provide XRP rewards through the direct deposit feature as a service for U.S. users. Up to 4% XRP rewards will be offered for direct deposits, and RLUSD stablecoin holders (issued by Ripple) will receive an additional 5% reward.

Meanwhile, Flare Network is a layer-1 blockchain compatible with Ethereum, and has recently gained attention for introducing the USDT0 stablecoin. Uphold launched its own wallet service supporting XRP, called 'Vault', at the end of 2023.

Additionally, Uphold plans to relaunch its cryptocurrency debit card, which had previously only been available in the United Kingdom, in the United States as well. By using this card, users can make purchases at real stores with cryptocurrency stored in their wallets.