Uphold Launches New Self-Custody Wallet, Initially Supporting XRP

9:57 pm
December 7, 2023

The cryptocurrency platform Uphold has introduced a self-custody wallet called Vault, with the initial cryptocurrency supported being Ripple’s XRP. The new wallet aims to simplify the secure storage of digital assets for the average user, combining the convenience of centralized financial applications with the on-chain security of complete self-custody. Uphold’s CEO, Simon McLoughlin, emphasized the goal to redefine self-custody for ordinary users, making it more practical and accessible. Vault is designed as a multi-signature wallet, providing users with full control over their funds while incorporating a key replacement feature for recovering access if private keys are lost. The wallet will be available for an annual fee of $50 and will include instant trading and the Vault Assist Tool. While XRP is the initial supported asset, Uphold plans to expand to other chains in 2024, with Bitcoin (BTC) set to be added in the first quarter.

FAQs

What is Uphold’s new self-custody wallet?

The new wallet, called Vault, is a self-custody wallet launched by Uphold. It aims to simplify the secure storage of digital assets for ordinary users, combining the convenience of centralized financial applications with the on-chain security of complete self-custody.

What is the cost of using the Vault wallet?

Uphold has announced that Vault will be available for an annual fee of $50. The wallet will also feature instant trading and the Vault Assist Tool.

Which cryptocurrency is initially supported by the Vault wallet?

The initial cryptocurrency supported by Uphold’s Vault wallet is Ripple’s XRP, with plans to expand to other chains in 2024. Bitcoin (BTC) is set to be added in the first quarter.


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