Uphold, a digital money platform, has announced the launch of its new debit card for UK customers that pays rates of “up to 4% rewards in XRP.”
Unlike other comparable cards, the Uphold Card will “not charge non-sterling transaction fees, making it ideal for travel and use overseas.” A US version of the card will “launch over the next week and will be fully available by the end of the month.”
Rewards are “accrued in GBP (UK) or USD (US) and paid in XRP, no transaction or membership fees at home or abroad.”
Customers will simply “convert their crypto, metals, fiat, or other assets to GBP or USD via the Uphold app.” Then, the card “enables seamless purchases from users’ accounts wherever MasterCard is welcome.”
The card is “available in digital form initially, with a physical card launching later this year that can be used for payments via point-of-sale terminals and to withdraw cash at MasterCard ATMs worldwide.”
The card features native support “within Uphold’s existing wallet, and supports ApplePay™ and GooglePay™.”
In the first quarter of 2022, consumers “spent more than $2.5 billion worth of cryptocurrency through crypto-linked cards.”
Simon McLoughlin, CEO of Uphold, said:
“We’re thrilled to offer the most competitive crypto rewards and zero non-sterling transaction fees for UK customers. Making crypto easy is what Uphold does best. We want our customers to be able to easily spend the crypto in their accounts for purchases anywhere in the world and earn XRP rewards with every purchase, making Uphold a central point of their financial lives. That’s exactly what the Uphold Card delivers.”
As noted in the update, Uphold reportedly “provides retail, enterprise and institutional investors with easy access to cryptocurrencies, digital assets, national currencies, precious metals and U.S. equities.”
As covered recently, Uphold has been named the fastest-growing private company in the San Francisco Bay area by the SF Business Times.
Uphold is a Fintech that leverages blockchain technology for transfers and payments as well as cryptocurrency trading. Based in the UK, Uphold has an SF outpost as it builds upon its $4 billion in transactions, serving just about all countries and currencies, both retail and enterprise services. Uphold offers a white-label service and reportedly is serving over 30 million users.
Simon McLoughlin, CEO of Uphold, said they are delighted to be ranked number one on the San Francisco Business Times Fast 100 List:
“The achievement reflects the fact that we now have strong and highly differentiated offerings for retail, enterprise and institutional customers.”
Uphold has an interesting model as it is linked to 26 underlying exchanges and smart-routes orders to trading venues offering the best pricing, and also providing superior liquidity. Uphold claims to be the only platform that publishes its assets and liabilities in real-time on a public website giving customers transparency and assurance that their funds are always available to withdraw.