Today, we are thrilled to announce that Uphold has entered into an exciting $57.5 million partnership with Greg Kidd.
Greg Kidd was an early investor in Ripple, Square, Coinbase, and others, to increase its loss assurance for consumers to around 20% of total current crypto holdings - an industry-leading move where most companies offer little or no consumer coverage.
This is a landmark partnership for Uphold, our members and the crypto market. 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.
In addition to the increase of loss assurance, Kidd's investment vehicle, Hard Yaka, will fund the creation of Uphold Labs to this partnership to accelerate R&D efforts to its consumer and partner solutions businesses.
"Uphold stands out as an entity that is pioneering the infrastructure, controls, and culture that inspires confidence from regulators and users alike. I'm thankful to get to work with the Uphold team to bolster the already outstanding R&D and compliance foundation at the firm." - Greg Kidd.
We are looking ahead to what is shaping up to be an outstanding year for Uphold and bringing more exciting announcements to our members soon.
On behalf, all of us at Uphold, thank you, for being a valued member.