Uphold CEO Simon McLoughlin announced that the company is exploring strategic options including a potential initial public offering (IPO) in the U.S. or a sale to another company. The board has appointed FT Partners to assist in this process. McLoughlin mentioned that Uphold is being courted by various financial institutions, and the company's valuation is estimated to be over $1.5 billion. This move follows the successful IPO of U.S.-based Circle, whose shares have surged significantly. Uphold recently promoted initiatives in Las Vegas to attract U.S. consumers interested in XRP, including launching a U.S. debit card with XRP bonuses and exploring yield opportunities via Flare Network. The company, known for its user-friendly digital asset trading platform and the Vault self-custody wallet supporting XRP, has seen rapid growth, with revenue expected to increase from $80 million in 2022 to over $300 million in 2023. Additionally, through a partnership with Uphold, IG Group became the first publicly traded British company to offer crypto trading services.

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Fresh off a trip to Las Vegas, where Uphold and CEO Simon McLoughlin promoted initiatives aimed at wooing U.S. consumers who fancy XRP, the company is now exploring an initial public offering.McLoughlin told The Block that Uphold's board has "appointed" FT Partners to explore strategic options, which include both a possible initial public offering in the United States or a sale to another company."We're currently being courted by a number of banks, brokers, financial institutions and payment firms," McLoughlin told The Block on Monday. "So equally, a trade sale might be an option."While the CEO wouldn't comment on valuations, a person familiar with the matter pinned the number north of $1.5 billion. FT Partners didn't immediately respond to a request to comment.McLoughlin's mention of a potential IPO comes in the wake of U.S.-based Circle's successful public offering. Up over $115 per share on Monday after debuting last week at $31, Circle's shares have already appreciated more than 300%.At the end of last month, Uphold made a bit of a splash in Las Vegas when it said that it is exploring ways of unlocking yield on XRP via Flare Network and is launching a U.S. debit card that lets consumers earn an XRP bonus.Uphold, which is particularly dedicated to providing simpler, consumer-friendly interfaces, is a digital assets trading platform where users can buy, sell, and hold their crypto. The company launched its Vault self-custody wallet, which supports XRP, in December 2023."Our company is growing very, very quickly," McLoughlin said, noting that there are "a lot of combinations and mergers happening in the industry now." The executive, who took over as CEO in 2022, added that thanks to growth on the enterprise side of Uphold's business, such as working with a German bank, revenue is on the uptick."In 2022, I think we did $80 million in revenue and this year we'll do more than $300 million," McLoughlin said.Through a partnership with Uphold, IG Group last week became the first publicly traded British company to offer buying, selling, and holding of crypto.

Uphold Explores Initial Public Offering, Attracting US Consumers Enthusiastic About XRP