Uphold Launches Instant Bank Withdrawal Feature For XRP

Digital payment platform and exchange Uphold has launched an instant withdrawal feature for XRP and others directly into a bank account.

According to an announcement yesterday, Uphold users can utilize the feature to withdraw their XRP funds directly to their bank accounts.

“Our new feature allows you to instantly transfer funds directly to your bank account using your debit card,” Uphold tweeted yesterday.

⚡ 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 fees

Learn how it works: https://t.co/SY0THKnevO pic.twitter.com/TzLETwbgSg

— Uphold (@UpholdInc) September 12, 2023

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Per the announcement, the newly-launched service is available 24/7, with users required to pay low fees for XRP withdrawals.

Aside from XRP, Uphold users can also utilize the feature to withdraw other supported crypto assets, including Bitcoin.

How to Withdraw XRP From Uphold to Bank Account

It bears mentioning that users are expected to have the latest version of the Uphold app to start using the instant withdrawal feature.

Uphold attached a YouTube link in the tweet demonstrating how the instant withdrawal feature works.

Users will need to click the “Transact” button on the Uphold app to get started. Select “Source” on the next screen and choose “XRP” under the “My Account” menu.

Click on “Select Destination” on the next screen. Under “My Cards,” you can select the debit card you want to withdraw your XRP funds. Add a new debit card using the “+” sign if you have not attached one before.

After adding and selecting the compatible debit card, you will be prompted to input the dollar equivalent of the XRP you want to withdraw.

Preview and confirm the withdrawal to instantly deposit the dollar equivalent of your XRP funds to your debit card.

It is worth noting that the instant withdrawal feature only supports cards marked with a flash symbol. In addition, the service is only available for customers residing in the US and the UK. 

“When selecting a card from ‘My cards’, only domestic cards will be displayed, i.e., your card’s issuer country must match your account address,” Uphold said in a statement.

Uphold Loyalty to XRP

Since it listed XRP on its platform, Uphold has been an ardent supporter of the cryptocurrency.

While several top-tier crypto exchanges, like Coinbase and Kraken, delisted XRP following the SEC v. Ripple legal tussle, Uphold chose not to follow the same approach.

In an official statement, the exchange said it will not remove XRP from its crypto offerings until the lawsuit is resolved. Interestingly, the court found that XRP itself is not a security, adding that Ripple did not violate securities law via the coin’s sale on digital exchanges.

As reported earlier, Uphold’s CEO Simon McLoughlin said the company’s decision not to delist XRP was risky. However, the decision paid off immensely, as Uphold’s net deposits spiked as other exchanges relisted the coin.