XRP Exchange Uphold Eyes $1.5B IPO or Acquisition

The XRP-focused exchange Uphold has entered the spotlight once again, this time with potential plans for a $1.5 billion IPO or a possible sale. As one of the few major platforms that continued supporting XRP through regulatory challenges, Uphold now finds itself at a pivotal point of expansion and strategic decision-making.

Uphold’s CEO, Simon McLoughlin, recently confirmed in an interview that the company is weighing options to become publicly traded in the United States or to be acquired by a larger entity. He revealed that the firm’s board has enlisted Financial Technology (FT) Partners to guide and evaluate these strategic paths. Notably, McLoughlin mentioned escalating interest from banks and payment service providers keen on engaging with the platform, signaling that a future transaction may well be on the horizon.

While McLoughlin refrained from naming an exact IPO valuation target, sources familiar with the discussions suggest that Uphold could reach a valuation upwards of $1.5 billion. This ambitious figure emerges right on the heels of Circle’s stellar IPO, where the USDC issuer’s shares (CRCL) surged by over 341% at their peak, though later settled at $115. The strong market response to Circle’s IPO may be encouraging other crypto firms like Uphold to follow suit.

As for its current growth streak, Uphold expects to bring in more than $300 million in revenue by the end of 2025—a remarkable 275% increase over the $80 million reported in 2022. McLoughlin attributes this accelerated growth to strategic partnerships and enterprise-level integrations. One such example is the firm’s partnership with a German bank, along with a collaboration with IG Group, which facilitated crypto trading services for clients in the U.K.

Despite its evolution into a full-fledged crypto exchange with a diversified asset portfolio, Uphold has remained loyal to its XRP community over the years. The platform first added XRP back in March 2018, shortly after the token hit its all-time high. Its commitment became even more apparent when the U.S. Securities and Exchange Commission initiated enforcement actions against Ripple in early 2021. As other platforms removed XRP from their listings, Uphold maintained support, becoming a reliable platform for XRP enthusiasts.

Uphold has also bolstered XRP’s utility through a range of innovative offerings. Among these was the launch of a crypto investment basket, which featured XRP as a key component. Another notable feature is the Uphold debit card, which allows users to earn cashback bonuses in XRP. Ongoing innovation continued into May, as the exchange revealed plans to roll out XRP yield-earning capabilities in collaboration with Flare Network.

Adding to this momentum was Uphold’s Direct Salary Deposit program introduced last month. This initiative enables users to deposit their salaries into Uphold directly while earning 4% back in XRP, blending traditional finance with crypto reward systems in a practical way.

Related: Expert Advice: Sell XRP If You’re Confused

As the crypto industry matures and institutional interest rises, Uphold’s long-standing support for XRP and its proactive approach towards expansion could place it among the top-tier exchanges globally. Whether the firm opts for an IPO or chooses the acquisition route, this move is bound to reshape its trajectory and possibly benefit the broader XRP ecosystem.