\n\u201cWe\u2019re currently being courted by a number of banks, brokers, financial institutions and payment firms,\u201d McLoughlin told the Block. <\/p>\n<\/blockquote>\n
According to McLoughlin, an IPO could support Uphold\u2019s longer-term acquisition strategy, positioning the company to potentially expand via mergers.<\/p>\n
Though McLoughlin declined to disclose a target valuation, a person familiar with the matter said Uphold is seeking a figure above $1.5 billion. <\/p>\n
The company\u2019s exploration of a public listing comes amid significant revenue growth. McLoughlin revealed that Uphold\u2019s annual revenue jumped from $80 million in 2022 to an expected $300 million in 2025, driven by both retail expansion and enterprise partnerships, including work with a German bank.<\/p>\n
It also comes shortly after Circle, another major U.S.-based crypto firm, completed a successful IPO that saw its shares surge over 300% in the first week of trading.<\/p>\n
<\/p>\n
Uphold\u2019s IPO consideration follows a high-profile promotional effort in Las Vegas, where McLoughlin and the Uphold team promoted initiatives tailored to the U.S. market and Ripple (XRP) enthusiasts. The company recently announced plans to launch a U.S. debit card offering XRP rewards, along with a new initiative in partnership with Flare Network aimed at helping users earn yield on their XRP holdings. <\/p>\n
Uphold has played an increasingly strategic role in Ripple\u2019s ecosystem since their partnership was announced in October 2023, when Uphold became a key liquidity provider for Ripple\u2019s cross-border payments network. In December last year, Uphold was also among the first platforms to list Ripple\u2019s new stablecoin, RLUSD. <\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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