Uphold Introduces XRP Product With Flare for Yield Rewards

Uphold Introduces XRP Product With Flare to Power DeFi Growth

XRP tokenholders can now get benefitted from a new type of rewards on their coins. Uphold, a well-known exchange, has collaborated with a blockchain network named as Flare. It will introduce a product to bring DeFi features to XRP. This new feature will transform the ecosystem to have more utility for the holders. Uphold announced on X (previously Twitter). 

Source: Uphold

Gets a DeFi Boost With Uphold and Flare

This product is intended for use with Flare’s FAssets system and this system is scheduled to launch on its mainnet soon. With this design, investors can receive money from staking this token. So far, users could not make money on this digital asset in this way as much as they could with bigger coins.

In this way, the initiative is helping shape an expanded ecosystem called “XRPFi,” so that DeFi tools and services are available on the XRP network. The goal is to let users use their currency in more ways than just holding or trading it. Uphold users can now stake this coin and get rewards which makes the coin more appealing.

Flare Networks is important here as it lets the token participate in complicated DeFi systems just like Ethereum and Solana before it.

Growing Institutional Support

As big companies are paying more attention to this particular coin, Uphold and Flare are being introduced. An example of this is Webus International which is seeking $300 million in loans and other kinds of funding. Organizations are working to stockpile this crypto to provide faster and cheaper worldwide payment services.

International money transfers and loyalty rewards on Webus will make use of the XRP Ledger. They think using Ripple could help them carry out their operations both easier and less costly.

Recently, VivoPower has also displayed a strong interest too. Very recently, it gained $121 million to support its plan to store this crypto in a treasury account. VivoPower aims to release more products on the XRP Ledger and thinks it is a strong candidate for being held in U.S. government reserves.

Price Drops Despite Positive Developments

Despite these positive innovative steps, the coin's price has taken a dip. As of now, it is trading at $2.11, according to CoinMarketCap. The coin's price has dropped by 4.45%, within the last 24 hours. The trading volume has also increased by 14.85% within the day. Conditions in the market are not, and it's impossible to say whether the new product launch will reverse the direction.

Source: CoinMarketCap

SEC Reviews WisdomTree XRP ETF Proposal

In other announcement, the U.S. Securities and Exchange Commission (SEC) is considering a spot XRP ETF application from WisdomTree. The review will be complete within 240 days and involves a public comment period.

A victory for this cryptocurrency could be achieved if the ETF were authorized. An ETF offering this currency in the U.S. could help make the token more attractive to investors which could result in greater future interest.

Final Thoughts

Because of the introduction of new products, more big firms joining and continuous talks about ETFs, the crypto remains in the spotlight. Working together, Uphold and Flare could give users the chance to do more with their holdings. Now, what the market and regulators do will be important.