Digital payment platform and exchange Uphold now offers an instant withdrawal feature for XRP and other cryptocurrencies, allowing users to transfer funds directly to their bank accounts.
In a recent announcement, Uphold introduced a new feature for its users. This feature allows Uphold users to easily withdraw their XRP cryptocurrency funds and transfer them directly to their bank accounts.
The process is made convenient by using a debit card for the transaction. Uphold shared this news through a tweet, emphasizing the instant transfer capability to bank accounts.
⚡ Move your funds in a flash with our new Instant Withdrawal feature!
Our new feature allows you to instantly transfer funds directly to your bank account using your debit card 💳
✔️ Simple & Instant
✔️ Available 24×7
✔️ Low feesLearn how it works: https://t.co/SY0THKnevO pic.twitter.com/TzLETwbgSg
— Uphold (@UpholdInc) September 12, 2023
According to the announcement, Uphold’s new service is available around the clock, 24/7. Users can take advantage of this service to withdraw various supported cryptocurrencies, not just XRP, including popular options like Bitcoin. It’s important to note that the fees associated with XRP withdrawals through this service are kept low for user convenience.
Withdrawing XRP from Uphold to Your Bank Account
To Use the Instant Withdrawal Feature on Uphold, Follow These Steps:
1. Ensure you have the latest Uphold app version.
2. Click the “Transact” button in the app.
3. Choose “Source” and then “XRP” under “My Account.”
4. Click “Select Destination” and pick your debit card from “My Cards.”
5. Add a new debit card if needed using the “+” sign.
6. Enter the dollar amount equivalent to your XRP withdrawal.
7. Confirm the withdrawal to receive the funds instantly on your debit card.
Please note that this feature is available for US and UK customers and only supports cards marked with a flash symbol matching your account address. You can watch a demo on Uphold’s YouTube channel.
Uphold Stands by XRP Amid Legal Battle
When the SEC filed a lawsuit against Ripple, many cryptocurrency exchanges, including Coinbase and Kraken, removed XRP from their platforms. However, Uphold took a different approach. The exchange decided to keep offering XRP until the lawsuit was resolved.
The court’s findings were in Uphold’s favor. It concluded that XRP itself wasn’t a security, and Ripple hadn’t violated securities laws through its sale on digital exchanges.
Simon McLoughlin, Uphold’s CEO, acknowledged the risk in this decision. But Uphold’s loyalty to XRP paid off as the exchange saw a significant increase in net deposits when other platforms relisted the cryptocurrency.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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