November 24, 2015
The leading cloud money platform continues to offer more ways to move, convert, hold and transact instantly, securely and for free
San Francisco [includes Q&A with Uphold's CEO] – Uphold, the world's leading cloud money platform, today launches the ability for U.S. members to fund an Uphold account by linking to a bank account, debit or credit card, in addition to bitcoin. This is the second phase of the company's global rollout, following the recent success of this functionality in Europe announced in October. This functionality connects the legacy and fragmented financial ecosystem with The Internet of Money™ -- the future of money and finance.
Previously, members needed bitcoin to fund Uphold accounts in the U.S. As of today, members can use their bank account, debit or credit card to send funds to an Uphold account and send funds from Uphold into a bank account. Uphold now offers even more ways to move, convert, hold and transact in 24 currencies and four commodities instantly, securely and for free.
The launch of ACH is an important stepping stone on Uphold’s path to bringing accessible, equitable, fair and free financial services to anyone, anywhere, said Anthony Watson, Uphold President & CEO. Our members deserve a better way to access their hard earned money, faster and without unnecessary fees. Whether saving on checking fees, sending money abroad to family and friends, or handling international business transactions, Uphold is faster and cheaper than traditional services -- and transparent while doing so. We are changing the status quo of financial services.
In the coming weeks, Uphold plans to roll out this functionality across India and China (limited beta), as well as other capabilities, including Visa, MasterCard and Discover digital and physical cards.
Uphold continues to support bitcoin and is now the cheapest and fastest way to for consumers and businesses to purchase the digital currency.
Through Uphold’s open API, Uphold Connect, businesses and developers can benefit from this new functionality to create applications, products and services that deliver free, secure, regulatory compliant and instant value transfer, conversion, storage and exchange services. To learn more, visit https://uphold.com/en/developer/api.
Eligibility: The ability to link Uphold to bank accounts, debit and/or credit cards is available to registered and verified members in approved U.S. states and countries around the world.
Fees: Due to external cost and charges, some fees apply above certain monthly limits.
- Debit and credit card: A fee of 2.75% applies to members who choose to fund their Uphold account with a debit or credit card. Visa and MasterCard initially.
- Bank transfers: It is free to withdraw value off of Uphold into a bank account up to $1,000 (or equivalent) per month. Thereafter, a fee of 0.5% applies.
Anthony's response to LTP question:
LTP: Do you think prospective US customers will be willing to use the service extensively for large transfers given that there is fees even on bank transfers above $1000 through ACH rails which are slow as well?
Anthony: Sending payments on Uphold is instant, immediate and free regardless of the amounts transferred. When off-boarding off our platform we charge a small amount to cover our charges. However we add the fact that we're the only company in the world to have absolutely zero forex costs, our offering is uniquely compelling and saves people significant amounts of money. Also, the first $12K is free regardless. As we have seen when we turned this functionality on in Europe, people have flocked to the platform a since October we've seen an increase of over $250Mil USD in transactions, in addition we're also the cheapest place in the world to buy bitcoin. Given all these many benefits, we think a small charge - simply to cover our costs is not something our users will find challenging.
For more information about eligibility, fees and information on Uphold.
Uphold enables anyone, anywhere to move, convert, hold and transact in any form of money or commodity instantly, securely and for free. To date, Uphold has powered over $620 million in USD transactions by tens of thousands of members across 163 countries, in 24 supported currencies and four precious metals. Launched by Halsey Minor in November 2014, Uphold is headquartered in Charleston, South Carolina, with operations in London, Braga, Shanghai and San Francisco. For more information, visit www.uphold.com