Home News Alt Coins Star Ripple Investor Greg Kidd Defends His $57 Million Investment in Uphold

Star Ripple Investor Greg Kidd Defends His $57 Million Investment in Uphold

February 21, 2018 12:45
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When Greg Kidd puts his money into something, it often turns into gold. And when he gets personally involved along with his money, things get even more interesting. The tech investor has had his hand (and his money) in some of the biggest successes of the industry, which include Twitter, Square, Coinbase and Ripple. Now recently he has invested $57 million in Uphold, a platform that allows “moving, converting, transacting and holding” not only cryptocurrencies and fiat currencies but also commodities like gold and silver. Smart move? He seems to think so.

Recently in an interview with CoinDesk, Kidd explained why his Uphold investment makes sense for him and his investment portfolio. He said:

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“If you take a look at my investment portfolio … you’ll see probably the top 20 or 30 portfolio companies of mine all stand to benefit or support Uphold in its effort.”

So does it mean integration of Uphold with other companies in Kidd’s portfolio? The answer is ‘Yes’, but with a small catch.

Greg Kidd on Integration of Uphold With His Portfolio Companies

On integration of Uphold with other companies in his Portfolio, Greg seemed enthusiastically optimistic. He said that his portfolio companies that can benefit from Uphold’s integration are at different stages of development. The most advanced stage among all of them is that of Shift Payments, a company that allows people to transfer money easily by generating Visa credit cards. The company, according to Greg, may launch an Uphold credit card in near future that may allow people to spend cryptocurrencies worldwide, in all those places where Visa or MasterCard are supported. He added that Shift Payments has already launched such cards in partnership with Coinbase and Dwolla.

Greg also suggested that he would like to see Ripple (XRP) being added to the list of cryptocurrencies available on Uphold. Greg is an investor in Ripple.

However, as exciting as it seems for the future of cryptocurrencies and portfolio of Greg, it has a small catch. And that is JP Thieriot.

The Catch: Uphold’s Vice Chairman JP Thieriot

Greg himself may be very optimistic about integration of Uphold with his portfolio companies, but Uphold’s Vice Chairman JP Thieriot doesn’t seem that much enthusiastic about it. When he was reached by CoinDesk to comment on Greg’s plans mentioned above, he tried to cautiously tone down the possibilities of integration. He said that while his company plans to roll out a multi-purpose credit card later this year, they’ve not necessarily settled on Shift Payments of Greg to do that.

Similarly, he also toned down the possibility of Ripple’s addition Uphold. He said that XRP may be added to the platform, but that’s a long way from any official announcement.

Bottom Line

Kidd has made a smart investment once again, but it remains to be seen how nicely this would play out, especially when there’re some reservations in the mind of Uphold VC about all those things that Greg wants to do.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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