Uphold’s Self Custody Wallet, Vault, Exits Beta & Records $24 Million in TVL in First Three Months

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LONDON, Feb. 22, 2024 (GLOBE NEWSWIRE) — Vault, an assisted self-custody wallet from the global web3 financial platform, Uphold, exits a two-month beta phase today having achieved significant traction, including more than $23M in total locked volume of XRP.

A survey of beta users found that 80% of respondents found Uphold Vault easy to understand and simple to use when moving and managing funds, and 83% converted from free trial to paid subscription.

Uphold Vault strips away the complexity of Self Custody to give users full control over their assets, the convenience of centralized trading, and the reassurance of assisted key recovery.

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Traditionally, if a self custody wallet user loses their private keys, they also lose all their funds. With Uphold Vault, users can generate a key replacement that will enable them to recover access to their funds.

“For the first time, Vault makes Self Custody easy and practical for mainstream users,” said Simon McLoughlin, CEO of Uphold. “It solves the biggest problem in crypto: how to enjoy the ultimate security of Self Custody without the significant risk of fund loss. Furthermore, the fact that assets remain one tap away from a major trading venue, creates an amazingly convenient solution.”

Since launching in Beta in December, Vault has seen high user engagement and fantastic feedback – a powerful testament to the gap it addresses in the market.

User engagement during the closed Beta period saw impressive performance metrics, including:

  • An 82% conversion rate from free trial to paid subscription, indicating a strong appreciation of the underlying value of an assisted self-custody solution.
  • Average daily transaction volume of 250,000 XRP, over 5,000 early beta users, addressing the concerns of more than 30% of the Uphold community who asked for a wider range of custody options.
  • Roughly 90% of surveyed users agreed Vault was great value for money.

“It works as described and was easy to implement [giving] me the peace of mind that my crypto is safe and easy to access, said Vault beta user.

In addition to existing Beta, Uphold is introducing new features including subscription management, and notifications to easily track changes in subscription status based on community feedback.

Uphold plans to include management of BTC assets in the next Vault update in Q2.

Vault will offer additional services as well as more chains and assets that can be stored throughout 2024.

For more information, please visit www.uphold.com/vault.

About Uphold
Ranked #1 in the San Francisco Business Times Fast 100 List, Uphold is committed to making web3 easy. As a web3 financial platform, Uphold serves over 10 million customers in more than 140 countries. It provides businesses and consumers with easy access to digital assets and services. Uphold’s unique “Anything to Anything” interface gives users seamless access to and between digital assets and national currencies and precious metals. Uniquely, Uphold smart routes orders across 30 trading venues delivering optimal execution and superior liquidity to customers. Uphold never loans out customer assets and is always 100% reserved. The company has pioneered radical transparency and uniquely publishes its assets and liabilities every 30 seconds on a public website (https://uphold.com/en-us/transparency).

Uphold is regulated in the U.S. by FinCen and State regulators; and is registered in the UK and Canada with the FCA and FINTRAC respectively and in Europe with the Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania. To learn more about Uphold’s products and services, visit uphold.com.

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