US-based digital money platform Uphold has secured $57.5m in funding from Greg Kidd, an investor in Ripple, Square, and Coinbase.
The investment will enable the firm to increase loss assurance for consumers to nearly 20% of total crypto holdings, unlike other industry players who offer minimal protection to safeguard users in this regard.
Uphold CEO Adrian Steckel said: “We have always provided our Members with unparalleled transparency and safety, as well as the greatest choice of currencies, now we’re also giving them unprecedented asset protection.
“This collaboration will also enable us to accelerate our product development activities, focusing on adding new assets, more connectivity to financial systems, as well as blockchain and Ripple-centric projects.”
Kidd will now have a seat on the Uphold board. At the same time, Kidd’s investment vehicle Hard Yaka will also finance the creation of Uphold Labs, a research and development unit.
“I am impressed by the outstanding quality of Uphold’s technology as well as their rigorous compliance practices. Their operation is scaling fast and makes a great addition to the Hard Yaka stable of partnerships and businesses,” Kidd stated.