Digital money platform Uphold today announced it has received a $57.5 million investment from former Fed Reserve senior analyst and Ripple chief risk officer Greg Kidd.
Kidd, who will join Uphold's board of directors, will also help fund the creation of a research and development arm, to be called Uphold Labs, through his investment vehicle Hard Yaka. Kidd has previously invested in Coinbase, Square and Twitter.
In a statement, the investor praised Uphold's scalability, as well as its compliance practices.
In addition to forming Uphold Labs, the investment will help fill Uphold's loss assurance to roughly 20 percent of its crypto holdings, protecting its users from potential losses due to cryptocurrency volatility or other issues.