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All right we're back with the CEO of Uphold Simon mcgoffin Simon how are you Today great uh Brad yeah super thank you So much for for inviting me on again Good to see you well listen thank you For being here it is always a pleasure And look I I tell people all the time I Love uphold I've always loved uphold you Guys have done it right from square one There's a lot of crazy stuff going on in The news right now when it comes to Exchanges and stuff Simon but you know When you do something right from the Beginning you can avoid a lot of the Trouble and I tell you you guys have Been a real staple for what to do in This space Simon well thank you I Greatly appreciate that Brad absolutely And look let's talk about another great Thing that you've got coming you have Something that you are going to unveil At uphold can you tell us what it is Yeah so uh later this month we're Unveiling uphold Vault it's an assistant Form of self- custody and it makes self- Custody easy for the average user um in Simple terms it's a multi- Sig wallet Where the user controls the majority of The keys two out of three uphold holes Holds one key um VA assets are on chain They're fully in the users's control we Uphold cannot move them we only have one Key but the volt is resilient to key Loss so if you lose your key
You can put your remaining key together With our key to create a replacement key Um and I guess the reason we're excited About it is because it makes self- Custody very easy for the average person It keeps the assets super close to the Trading venue so with one click you can Move the assets back from the Vault to The trading venue um you know no rooting Through a desk to try and find your Backup or digging in the garden for the Metal plate with your with your key you Know traditional self- custody model It it makes it super easy and super Convenient and I think we're the the First trading venue that is offering as Part of its um as part of its app uh a Native self- custody option so we're We're we're very excited about it Launches at the end of this month um and It puts the user fully in control um and I've always thought you Know probably the biggest problem in Crypto is it's not easy for the average Person to hold their assets on chain and We hope this solves that well Simon uh I Can speak to this because I have been Really just holding back wanting to talk To the audience and tell them I've been Beta testing the uphold Vault and Simon It is everything you just said I cannot Impress on the audience enough to Understand just how userfriendly it is Just how safe it is and the fact that
You get three keys uphold has a key you Get two keys and what's incredible about This is is that you have sole control of Your account and it is immediate some Other off offers I've seen out here you Got to wait a few days to get into your Account this is so userfriendly because I can take funds directly from the Vault Go right out to the hot tradable side of The desk and sell my xrp immediately if The price is happening and I need to do It while everything else is still Protected in that Vault now this isn't Like other products that are cold Storage either Cold Storage products are A nightmare most of them are absolutely A nightmare and look th look this is not Trying to stand here and beat up Different products and services this is To distinguish the difference of what You have done what you have done I feel You have have done it you have done what No one has been able to do so far and I Can say it because I've been beta Testing this thing and it's absolutely Remarkable it is userfriendly it is Something your grandmother could use it Is that simple to understand how it Works slide touch move over it's done It's just like that and I want to say to People so they really understand This when you think about custody in a Macro s This is the foundational block whether
We're talking about institutional Custody or we're talking about retail Custody isn't this the foundation for Where everything can truly now be begin To be built on top of It it is totally I mean it's the Foundational principle of crypto that You're self- Sovereign over your money That's right and you know it's just been A shame up to now it's been you know the Hardware wallets are very clunky to use They're very in convenient um and the Native onchain experience you know for The non-technical user it's complex and Impractical uh what I really liked about The solution that Steph McNamara who Runs our uphold Labs team came up with Is fundamentally uphold vault is a Window onto the multi the native multi- Technology embedded into blockchains and That's technology that's protected tens Of billions of dollars Bitcoin network Has never been hacked you know there's An individual wallet belonging to one of The exchanges on bitcoin with $9 billion In the Technology is Battle tested and proven And what we're doing is putting a window On it to make it super easy to use for The for the average customer and as you Say I love the fact that you can just Pull pull the funds back in one click The trading venue and you know carry on Trading oh 100% and look to add to all
Of this this you know there's so much I'm excited about this about and and Wanted to talk about this for weeks if Not a month or more now with this beta Testing is that we if you anyone who's Been in this space for any length of Time understands the difficulty there Have been watching multiple exchanges go Down and in current news today we're Seeing bitrex unwinding their business We see binance in trouble today we saw Mount goau a decade ago or what whatever It was you know this has been the story All along no more are you going to lay In your bed and worry about what's Happening to your assets no more are you Going to lay in bed and worry can I can I fix this cold storage thing do I Remember even how to hook it up and use It that's gone and for the first time Ever you're going to go to bed and have The best night's sleep you've ever had Your whole life because now you're going To have the uphold vault which is super Uber simple to use and very very secure Because there's no back door to this app Is It absolutely so you know the keys are Generated through you know P public uh Public libraries open source code very Very you know very proven technology um As I said earlier you know we only hold One key so we can't we can't move any of Your funds once they're in the vault um
You can just come to us to either move The funds back to the trading platform Which we do automatically so you don't Have to do anything the keys are Automatically put together or if you do Lose one of your private Keys we can Help you create a replacement key um and Even if the uphold app is down or or you Know heaven forbid that you know the Entire company goes away funds in the App they're yours you're in control of Them nobody else can touch them so you Know it's it's uh it's a true self- Sovereign uh solution Yes and if you lose your key you have The ability to regenerate another key For yourself and even if you wanted to Do it let's say every three months just For your own personal security and state Of mind you could actually do it as just A general practice for yourself there's So much control and easy ease of use With this app I just I can't help but Feel like you've done it you've done it Well that's great to hear I didn't know That you're in the first uh test group Brad so I'm really thrilled to hear that You like it I absolutely love it you Know uh it it has been exciting to sit Down with the team that you have at Uphold which by the way are incredible And I say that because I am not a Techsavvy guy so they're also very Patient so uh
You and I can they could speak to that Better than I could right so no uh once They once they walked me through how This experience was it was just it comes To you so quick actually I was expecting It to be more difficult because of all The other cold storage and Vault options I've tried in the past and actually when I sat down I was like oh so you mean all I have to do is slide across and confirm And they're like yeah that's it you're Done yeah it's quite if you've ever used A a hardware wallet it's a it's it's Night and day right I mean it's just so Convenient and and easy and and people Obviously just gravitate to products That are easy to use and make their life E make their life simpler so we we think It's Gonna we think it's really going to Solve a problem and you know open up Self- custody to to to mainstream Custody the first foundational brick on Building a really true healthy regulated Market and I think uphold has absolutely Done it with a great level of success Simon mlin any final Words no great to see you again uh uh Brad and obviously you know any feedback Do do let us know uh I guess the the Final thing i' I'd I'd highlight about It is you know we it is genuinely novel Under the Sun nobody else has brought This combination together in the same
Way and uh one of our design goals was Survivability obviously the prime design Goal was safety of user funds second was Simplicity third was survivability I.E The user move funds even if the uphold App is down and that's why we've gone With Native multisig we we looked at MPC And there are other exchanges out there Who've gone the MPC route multiparty Computation route we didn't choose that Because if the vendor goes away it Requires really heavyduty service side Infrastructure to make it work so for The average user you're dependent upon The vendor and so it didn't pass our Survivability threshold So you know very conscious and Deliberate design choices were made here That we think has created something That's very easy secure and simple to Use for the best night's sleep in your Life that you've ever had since you've Been in crypto it is the uphold Vault Simon MC glofin thank you so much don't Go Anywhere than