In July, a federal judge ruled that the sale of a digital asset XRP on public exchanges by the cryptocurrency industry complied with securities laws, marking an early victory in its legal battle with U.S. regulators. Now, the CEO of digital financial platform Uphold has recounted the unexpected surge in trading volume that occurred after the landmark announcement.
Simon McLoughlin said in an interview with Zack Rector that within minutes of the announcement, Uphold witnessed a staggering 50x spike in trading volume compared to the peak of the 2021 bull run.
He said, “We were literally the only trading venue in the United States that offered XRP, and within minutes of the announcement, we saw a 50x spike in volume compared to the peak of the 2021 Bull Run. And it wasn’t so much the increase in volume; it was the suddenness of the spike. It was literally within three minutes we got a 50x spike, and it was after a specific tweet went out, actually.”
The CEO explained that they faced difficulties during the sudden surge because their systems weren’t prepared for such a big increase. Even though they had tested their platform for high volumes before, the unexpected and fast surge surprised them. But Uphold has now made big changes to their systems to make sure they can handle such situations better in the future.
He added, “This created real challenges. We had already tested the platform for volumes up to 10x the peak of the 2021 market, but what caught us off guard this time was the abrupt and intense spike. So, since then, we’ve made numerous changes to prevent any future problems.”
The discussion also delves into the broader market landscape and the recent heightened volatility. He also spoke about the exciting prospects of automated market makers on the XRP Ledger. Simon expressed Uphold’s interest in exploring this domain, considering ways to offer returns on investment to its users. The focus lies on simplifying the complexities of decentralized finance (DeFi) tools and services, making them more user-friendly and accessible.
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