Former Rebo executives spent $ 57.5 million betting on digital currency platform Uphold

Uphold, the digital money platform, today announced that it raised $ 57.5 million from former Federal Reserve senior analyst Greg Kidd, chief risk officer for Ripple.

It is reported that Kidd will join Uphold's board of directors and help establish a research and development institute called Uphold Lab. Previously, Kidd also invested in Coinbase, Square and Twitter.

In a statement, Kidd praised Uphold for scalability and its compliance.

It is reported that, in addition to this investment to create Uphold Lab, it will also be used to fill about 20% of Uphold Encryption positions held positions to protect their users from cryptographic assets fluctuations or other problems caused by the potential loss.

Kidd told reporters:

"Given Uphold's insistence and its ability to control, I would like to reserve as my own a certain amount of the balance sheet, or the balance sheet of my VC firm, as a reserve, which means that if Uphold has some negatives The situation, which may use these reserves, is like an insurance plan that will ensure user balances are protected. "
A spokesman for Uphold said that a 20% portion of the financing will be used to add more cryptocurrencies to companies and to use for projects related to Rebo.

Then, 45% of the funds will be converted into Uphold's stake and the remaining 35% will be transferred to their reserve balance sheet.

Adrian Steckel, chief executive of Uphold, commented that this collaboration will help Uphold provide "unprecedented asset protection."