Uphold Unveils New Way for XRP Holders to Earn Yield with Flare Network

A major U.S.-based cryptocurrency exchange, Uphold, has announced a groundbreaking plan to enable XRP holders to earn yield on their tokens. This innovation addresses the limitation of XRP’s non-native staking mechanism which contrasts with other proof-of-stake coins like Ethereum. The solution involves partnering with Flare Network, a smart contract platform compatible with the Ethereum Virtual Machine (EVM). Through this partnership, users can wrap their XRP into FXRP and utilize it in the Flare ecosystem for earning rewards through various DeFi mechanisms. Uphold is currently conducting internal testing and plans to launch a beta version soon.