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Get Paid Interest For Holding XRP on Uphold

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8 hours ago, Kalarie said:

Yeah.  I just made an account with uphold.  Waiting for the KYC now, but when that’s done I’ll need to move my zerps.

Not put anything in uphold yet but it's usually just a case of clicking on your account in receiving location & it giving you some weird long random looking destination address (off top of my head is 32 digits long), in your other location there will be a send funds/xrp field where you put this address. Fill in any other info, check address as many times as your paranoia allows click send & it will fly to new location in a second or so (plus any delays or time for validation the exchange may need, eg binance you have to click on link in confirmation of withdraw email).

Do with a few zerps to test if you're worried &/or post a new thread if unsure. It's pretty easy & self explanatory on most sites.

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@Kalarie May I suggest two things..,   

1.  Don’t do anything until the dust settles on the 15th details.  A few days or weeks of interest is not much to lose while awaiting clarity on the offering.  

2.  If you do transfer your Zerps,  do it in at least two steps.  Copy the destination address and tag into notepad or similar then paste that into the destination address (DONT FORGET TAG IF REQUIRED) and send 21 XRP in first tran so that you can see it arrive safely.  After that you can send the rest using the same copy paste.  

Just a suggestion.  

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I have a question about Uphold. (Sorry mods if this has to be moved for mis-posting.) Why the hate for Uphold around the interwebs? 

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1 hour ago, Frix said:

I have a question about Uphold. (Sorry mods if this has to be moved for mis-posting.) Why the hate for Uphold around the interwebs? 

One salty person doesn't equal internet.

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And one terse reply doesn't my question. I believe that we can all agree that we've read multiple disparaging comments about Uphold. There are even a couple on here that seemed to indicate contempt for them. May someone else has a more enlightening response.

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i've read some say it can take a while to actually get funds once withdrawn, plus not sure if rate is locked in when go is pressed,  & saw a few moaning about the fees but a flat $2.99 or $3.99 fiat seems feasible on larger amounts so another good potential exit in my book. Am I missing something else too?

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13 hours ago, Frix said:

I have a question about Uphold. (Sorry mods if this has to be moved for mis-posting.) Why the hate for Uphold around the interwebs? 

Maybe some research will help? Here's an old post of mine that contains a lot of info...

Posted March 22

  Not insured per se, in that there is no FDIC-type insurance, as stated in their user agreement... however, read the article for explanation of how your deposits are protected. Also, their security is top-notch, see below.

"Security at Uphold"

"At Uphold, security is in our DNA. It is built into the systems we build, the staff that we hire, and the personal sense of responsibility of each employee. Our top priority is to protect your money and personal information like it was our own at stake. Here are some of the measures we take to ensure that your money and your data are completely safe and secure at all times:

Access and Encryption

Uphold takes a holistic approach to our Information Security and Personal Information protection programs. These programs are designed to meet or exceed regulatory requirements, establish the highest levels of trust with our members, and prevent bad actors from taking advantage of our systems, members, employees, or brand.

Measures include but are not limited to:

Software and security patches are constantly monitored and updated.

All emails may be encrypted in transit.

We enforce Role Based Access for sensitive operations or functions.

We employ Smart Card Access readers at all office locations, which control access to the main spaces and sensitive operational areas.

We use SQL injection filters and write models and validation patterns for each individual data field.

We follow Test Driven Development (TDD) processes, complete with full unit, functional security and integration testing.

Application credentials are kept separate from the database and code base.

The site runs entirely over TLS (https).

Private keys are protected using strong encryption methods.

Auditing

Uphold undertakes independent security audits at least annually to ensure that any potential vulnerability related to our web network environments are fixed promptly. These security reviews include diagnostic reviews of devices and internal and external penetration testing, as well as assessment of policies, procedures and security standards.

Uphold uses a combination of internal security professionals and external security firms to conduct Penetration testing of our systems several times per year. These tests are designed to ensure the security controls in place are effective and adequate to protect your personal information and money.

We utilize continual vulnerability scanning and assessments for internal and external systems checking for security weaknesses and taking corrective action immediately if any are found.

The Uphold Security Team conducts recurring audits to ensure compliance by all employees.

The Uphold Security Operations Center monitors our systems 24 hours a day, 7 days a week, 365 days a year and responds to suspicious activity immediately as they arise.

We have independent third-party auditors complete financial audits and comply with all applicable laws

Regulatory Compliance & Anti-Money Laundering (AML) Controls

Uphold works with licensed banking partners in the US and is regulated by the United States Treasury Department regulator, FinCEN.

In the EU, Uphold is partnered with an Authorised Payment Institution regulated by the FCA (UK Financial Conduct Authority).

Operating as a regulated financial service provider, Uphold must comply with global Anti-Money Laundering (AML) controls. Uphold is 100% committed to keeping member personal information safe and transactions anonymous. However, as with all financial service providers operating compliantly, we are required by law to record information about members and transactions and, at times, provide these to law enforcement officials. We seek to follow all applicable local, state, federal and international law concerning the protection of consumer data including, but not limited, to the EU data protection requirements, Gramm-Leach-Bliley Act (GLBA) in the US, and the People's Republic of China regulations to protect personal information.

Uphold is required to adhere to Payment Card Industry Data Security Standards (PCI-DSS) to increase controls around cardholder data to reduce credit card fraud via its exposure. Validation of compliance is performed annually by an external Qualified Security Assessor (QSA).

We adhere to Office of Foreign Assets Control (“OFAC”) regulations

Uphold Team

All Uphold employees must pass a thorough background check, including criminal record check, financial records, education credentials and reference checks as part of the hiring process.

All employees are required to use screen locking and follow best practices for safe storage of equipment.

Employees are required to use and maintain strong passwords or passphrases in all the services they access and administrative accounts must use approved 2 factor authentication methods.

Employees undergo continuous training on security best practices."

https://support.uphold.com/hc/en-us/articles/203399367-Security-at-Uphold

"Terms of Membership Agreement for residents of United States"

Last updated October 13, 2017.

"8. WE ARE NOT A BANK."

"We are not a bank, so balances are not deposits and they do not earn interest. Balances are not insured by the Federal Deposit Insurance Corporation, the Financial Services Compensation Scheme, or any other entity or insurance scheme, whether governmental or private."

https://uphold.com/en/legal/membership-agreement

"Former Ripple Exec Invests $57.5 Million in Uphold"

"In addition to forming Uphold Labs, the investment will help fill Uphold's loss assurance to roughly 20 percent of its crypto holdings, protecting its users from potential losses due to cryptocurrency volatility or other issues.

Kidd told CoinDesk:

"Because of the strength of Uphold's compliance and controls, I'm willing to pledge a certain amount of my balance sheet, or the balance sheet of my venture company ... as a reserve. That means that if there was some adverse effect at Uphold that might put it otherwise in a position of operating as a fractional reserve, this is like an insurance program that will make sure that user balances are protected."

A spokesperson for Uphold said the licensing revenue and development wing will receive 20 percent of the funding, which will be used to add more cryptocurrencies to increase the firm's connectivity to financial systems, as well as for use in Ripple-related projects.

Then, 45 percent will go to equity, and the remaining 35 percent will be shifted to its reserve balance sheet.

The partnership will help Uphold provide "unprecedented asset protection," said chief executive Adrian Steckel."

https://www.coindesk.com/former-ripple-exec-invests-57-5-million-in-digital-money-platform-uphold/

 

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On 10/10/2018 at 3:43 PM, zerpdigger said:

i am massively, enormously, sceptical of this -- there are very likely some hidden fees or there's some kind of catch, somewhere

for ex. some UK banks CHARGE for a "special account" that gives you a marginally better IR or "perks" like retail spend cashback

but mostly it's BS because one cost mostly offsets another so you only slightly come out on top and then only if you make good use of the services

would love for them to pull this off, especially if it's geared towards xrp and not crypto in general with some kind of assist from ripple, but my gut says naaahhhh!!

It seems to me that the interest will be paid in their Universal Dollar coin. No expense to them. 

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6 hours ago, GiddyUp said:

Maybe some research will help? Here's an old post of mine that contains a lot of info...

Posted March 22

  Not insured per se, in that there is no FDIC-type insurance, as stated in their user agreement... however, read the article for explanation of how your deposits are protected. Also, their security is top-notch, see below.

"Security at Uphold"

"At Uphold, security is in our DNA. It is built into the systems we build, the staff that we hire, and the personal sense of responsibility of each employee. Our top priority is to protect your money and personal information like it was our own at stake. Here are some of the measures we take to ensure that your money and your data are completely safe and secure at all times:

Access and Encryption

Uphold takes a holistic approach to our Information Security and Personal Information protection programs. These programs are designed to meet or exceed regulatory requirements, establish the highest levels of trust with our members, and prevent bad actors from taking advantage of our systems, members, employees, or brand.

Measures include but are not limited to:

Software and security patches are constantly monitored and updated.

All emails may be encrypted in transit.

We enforce Role Based Access for sensitive operations or functions.

We employ Smart Card Access readers at all office locations, which control access to the main spaces and sensitive operational areas.

We use SQL injection filters and write models and validation patterns for each individual data field.

We follow Test Driven Development (TDD) processes, complete with full unit, functional security and integration testing.

Application credentials are kept separate from the database and code base.

The site runs entirely over TLS (https).

Private keys are protected using strong encryption methods.

Auditing

Uphold undertakes independent security audits at least annually to ensure that any potential vulnerability related to our web network environments are fixed promptly. These security reviews include diagnostic reviews of devices and internal and external penetration testing, as well as assessment of policies, procedures and security standards.

Uphold uses a combination of internal security professionals and external security firms to conduct Penetration testing of our systems several times per year. These tests are designed to ensure the security controls in place are effective and adequate to protect your personal information and money.

We utilize continual vulnerability scanning and assessments for internal and external systems checking for security weaknesses and taking corrective action immediately if any are found.

The Uphold Security Team conducts recurring audits to ensure compliance by all employees.

The Uphold Security Operations Center monitors our systems 24 hours a day, 7 days a week, 365 days a year and responds to suspicious activity immediately as they arise.

We have independent third-party auditors complete financial audits and comply with all applicable laws

Regulatory Compliance & Anti-Money Laundering (AML) Controls

Uphold works with licensed banking partners in the US and is regulated by the United States Treasury Department regulator, FinCEN.

In the EU, Uphold is partnered with an Authorised Payment Institution regulated by the FCA (UK Financial Conduct Authority).

Operating as a regulated financial service provider, Uphold must comply with global Anti-Money Laundering (AML) controls. Uphold is 100% committed to keeping member personal information safe and transactions anonymous. However, as with all financial service providers operating compliantly, we are required by law to record information about members and transactions and, at times, provide these to law enforcement officials. We seek to follow all applicable local, state, federal and international law concerning the protection of consumer data including, but not limited, to the EU data protection requirements, Gramm-Leach-Bliley Act (GLBA) in the US, and the People's Republic of China regulations to protect personal information.

Uphold is required to adhere to Payment Card Industry Data Security Standards (PCI-DSS) to increase controls around cardholder data to reduce credit card fraud via its exposure. Validation of compliance is performed annually by an external Qualified Security Assessor (QSA).

We adhere to Office of Foreign Assets Control (“OFAC”) regulations

Uphold Team

All Uphold employees must pass a thorough background check, including criminal record check, financial records, education credentials and reference checks as part of the hiring process.

All employees are required to use screen locking and follow best practices for safe storage of equipment.

Employees are required to use and maintain strong passwords or passphrases in all the services they access and administrative accounts must use approved 2 factor authentication methods.

Employees undergo continuous training on security best practices."

https://support.uphold.com/hc/en-us/articles/203399367-Security-at-Uphold

"Terms of Membership Agreement for residents of United States"

Last updated October 13, 2017.

"8. WE ARE NOT A BANK."

"We are not a bank, so balances are not deposits and they do not earn interest. Balances are not insured by the Federal Deposit Insurance Corporation, the Financial Services Compensation Scheme, or any other entity or insurance scheme, whether governmental or private."

https://uphold.com/en/legal/membership-agreement

"Former Ripple Exec Invests $57.5 Million in Uphold"

"In addition to forming Uphold Labs, the investment will help fill Uphold's loss assurance to roughly 20 percent of its crypto holdings, protecting its users from potential losses due to cryptocurrency volatility or other issues.

Kidd told CoinDesk:

"Because of the strength of Uphold's compliance and controls, I'm willing to pledge a certain amount of my balance sheet, or the balance sheet of my venture company ... as a reserve. That means that if there was some adverse effect at Uphold that might put it otherwise in a position of operating as a fractional reserve, this is like an insurance program that will make sure that user balances are protected."

A spokesperson for Uphold said the licensing revenue and development wing will receive 20 percent of the funding, which will be used to add more cryptocurrencies to increase the firm's connectivity to financial systems, as well as for use in Ripple-related projects.

Then, 45 percent will go to equity, and the remaining 35 percent will be shifted to its reserve balance sheet.

The partnership will help Uphold provide "unprecedented asset protection," said chief executive Adrian Steckel."

https://www.coindesk.com/former-ripple-exec-invests-57-5-million-in-digital-money-platform-uphold/

 

I appreciate the reply, but as you wrote, this is from their user agreement. Everyone has security in their "DNA." Everyone takes a "holistic approach" to security. This UA is part marketing propaganda and part policy information about their security processes. Fine. Uphold is secure. They hold hands and sing Kumbaya in the data center whilst praying for some deity to protect their owner's equity. But the user agreement doesn't answer my question, with or without having researched it. I was asking why Uphold receives what seems to be a good amount of criticism. Sorry to all to have asked what seemed to be a fairly straightforward question. I'll retire back to my ignorance. Have a nice day.

Edited by Frix

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I am actually holding all if my crp on binance. I am abroad for the forseeable future so buying a nano easily is not an option. 

I have been thinking about moving it to uphold because it sounds more secure and also the guy incharge of binance comes across a right a**hole on twitter.

the only thing is for personal reason I would not want to earn this interest. Is there a way to opt out?

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27 minutes ago, Qasim_786 said:

I am actually holding all if my crp on binance. I am abroad for the forseeable future so buying a nano easily is not an option. 

I have been thinking about moving it to uphold because it sounds more secure and also the guy incharge of binance comes across a right a**hole on twitter.

the only thing is for personal reason I would not want to earn this interest. Is there a way to opt out?

If you just want to store your xrps not to have it on exchange then toast wallet would be the most appropriate...

https://ripplecoinnews.com/best-ripple-xrp-coin-wallets

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I dont think theres 'hate' for Uphold on here, many of us, including me, use it to buy XRP.

However, 'free money' makes me sceptical, especially when it involves putting your zerps on another platform, which is exactly what we've been told for years NOT to do.

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14 hours ago, CrossingtheRubicon said:

It seems to me that the interest will be paid in their Universal Dollar coin. No expense to them. 

so i guess they hold USD in bank accounts as a reserve against these Universal Dollars, which means they earn interest from that stack of pooled user funds

Revolut does this too – you get zero interest so it should be used as a spending account only, and meantime Revolut earn interest on your money, which is how they are competitive with traditional banks and can offer the best UX and various sexy features

i am almost certain that no one will get 5%, as @KarmaCoverage said there are fees, which i looked up, amounting to at least 1.5% or higher per tx

but i suppose if your choice is, make maybe 0.5% or leave your crypto in a Nano S earning 0%, maybe that's attractive to some folks and they move over to uphold

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