The new app also features a ‘commission-free’ pricing model, which means that instead of paying trading fees Uphold users just get an all-inclusive, guaranteed price that includes a spread. The company claims this spread typically ranges between 50 to 100bps (0.5 to 1.0%) on cryptocurrencies, but can sometimes go as low as 40bps (0.4%) depending on individual trading behavior and volumes. This new pricing model is said to be driven by a new trading engine hooked up to triple the number of exchanges it was before, enabling Uphold to secure digital assets at better prices.
“Last year, we surveyed our lapsed customers who told us that while they loved Uphold’s Anything-to-Anything transaction capability, the platform was hard to use and felt expensive,” the team explained. ”We’ve acted on the feedback and are now introducing major changes that make Uphold one of the easiest and most cost-effective places to trade cryptocurrencies and other assets.”
As part of the new app launch, the company also added bank connectivity for users in seven more countries: UK, Canada, Poland, Czech Republic, Romania, Hungary, and Croatia. This brings the total number of markets where bank connectivity to Uphold users is available to nearly 40 countries. Users can fund their Uphold accounts with credit or debit cards, bank transfers and a number of cryptos including BCH, BTC, LTC, ETH, BAT, DASH, XRP as well as a few stablecoins. All deposits are now free but some types of withdrawals still cost a fee.
Uphold is a digital money platform offering investments and payment services based on blockchain technology. With more than 1.7 million users globally, Uphold has powered $5.7 billion in transactions as of January 2020. The San Francisco based firm provides both retail customers and businesses worldwide with access to fiat and digital currencies, as well as precious metals. The company has offices in New York, Portugal, and London.
Uphold is also a major member of the Universal Protocol Alliance, a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network. In December 2019, Bitcoin.com Exchange listed the Alliance’s Universal Protocol Token (UPT), a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading.
Uphold also recently announced a partnership with Salt Lending to provide its users with cash or stablecoin loans using cryptocurrencies as collateral. With this development, its users can secure loans through Salt against their holdings in BCH, BTC, ETH, DASH, and XRP.
What do you think about Uphold letting its users trade between over 60 assets directly without using the USD as an intermediary? Share your thoughts in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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