Instantly Withdraw XRP to USD with Uphold for US Bank Customers via FedNow or RTP!
The post Instantly Withdraw XRP to USD with Uphold for US Bank Customers via FedNow or RTP! appeared first on Coinpedia Fintech News
Uphold, a major U.S. crypto exchange, has confirmed that FedNow, a payment system managed by the U.S. Federal Reserve, processes XRP withdrawals to select U.S. bank accounts. This means users can instantly withdraw XRP to USD in their bank accounts. While this feature isn’t new, it’s gaining attention now. FedNow, along with RTP, offers an infrastructure for instant payments, marking a significant step in integrating crypto with traditional finance.
Uphold Makes Withdrawal Easy for US Clients
The recent confirmation from Uphold regarding FedNow’s facilitation of XRP transactions to select U.S. bank accounts has gained attention in the crypto community. Initially hinted by XRP enthusiast Crypto Value Hunter, the news was met with both skepticism and confusion, with some dismissing it as an April Fool’s prank.
However, Uphold has stepped forward to confirm the validity of these transactions, clarifying that residents of the United States with banks supporting FedNow or RTP can now enjoy instant withdrawals in XRP to USD. Uphold users are encouraged to look for the lightning symbol in the app, showcasing transactions eligible for instant withdrawal.
While these transactions incur a variable fee of 1.75%, with a minimum charge of $1 and a maximum cap of $150, they streamline the process by eliminating the need to first convert XRP to USD.
FedNow, managed by the U.S. Federal Reserve and launched in July 2023, provides a platform for instant payments, while RTP, supervised by The Clearing House and launched in 2017, offers real-time payments. The ability to withdraw XRP directly to a USD account is not unique to Uphold, as it supports other cryptocurrencies as well.
Also Read : XRP Aim For $1 Amidst Whales Massive Sell-Off of 82.67 Million Tokens!
What Next?
Uphold’s confirmation of XRP withdrawals to USD via FedNow raises important questions about the partnership’s specifics and XRP’s role in the FedNow network. While this development hints at greater integration of cryptocurrencies into traditional finance, details about how Uphold utilizes FedNow and XRP’s involvement remain unclear.
Moreover, Chad Steingraber, A prominent community figure said the partnership underscores the growing interest in bridging cryptocurrency and traditional financial systems, offering potential benefits for both XRP and Uphold. Steingraber claimed Ripple Payments only used Uphold and FedNow to make fast XRP payments into US bank accounts. XRP is not used for core transaction processing at FedNow, he said.
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Further insights will provide a clearer picture of the implications for all parties involved.
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