- Digital money platform Uphold disrupts the market with a groundbreaking account that can seamlessly convert cash, crypto, gold, and other commodities into fiat currency that can be used with a debit card
- World’s first debit card of its kind unlocks the ability to spend from any asset everywhere Mastercard is accepted
SAN FRANCISCO--(BUSINESS WIRE)--Uphold, a leading digital money platform that has powered more than $5 billion in transactions across 180 countries, today announces the world’s first multi-asset account with an affiliated debit card that allows users to seamlessly convert multiple funding sources, including Bitcoin, XRP, BAT, and Gold into fiat currency, to spend everywhere Mastercard is accepted, as well as withdraw cash at virtually all ATMs worldwide.
The assets are held in an Uphold account, enabling holders to convert 27 fiat currencies, 24 digital currencies, and four precious metals instantly to fiat currency at the time of a transaction. The debit card can be used at stores and ATMs where Mastercard is accepted.
Available for pre-order in the United States now, the Uphold Mastercard is the first debit card to make assets, such as gold, BAT and XRP usable and practical in everyday transactions.
"If you’ve ever wanted to buy a bicycle or groceries with assets held in crypto and gold, now you can," explained Uphold’s C.E.O., J.P. Thieriot. "The Uphold Card is a milestone for our users and for the cryptocurrency industry. Here, at last, is a debit card that transforms the utility of cryptocurrencies and other traditionally ‘unspendable’ assets by making them readily usable in everyday life."
Designed for convenience and versatility, the Uphold Card comes in both physical and virtual forms and enables holders via a slick app to access card details, temporarily freeze their cards, change their PINs, and breakdown spending by category.
"Uphold’s mission is to democratize access to great financial services, liberating individuals and businesses from the constraints of the legacy banking system," explained Thieriot.
"At the core of Uphold is a uniquely sophisticated and flexible engineering architecture that seamlessly translates a multitude of asset classes into one common language. While a number of companies have discovered the power of the platform, the Uphold Card crystallizes the benefits to retail users. Apart from being able to spend virtually anything, anywhere - you can now instantly convert to cash at around 3 million ATMs worldwide, 24/7, anywhere Mastercard is accepted."
The Uphold Card empowers customers to use cryptocurrency holdings as a truly viable alternative to cash. Now users can stay in their preferred investments and avoid holding cash balances just because they need spending money.
The Uphold Card is issued by Evolve Bank &Trust Member FDIC, pursuant to a license from Mastercard International.
Uphold is a leading digital money platform with more than 1.7 million customers globally and almost $8 billion in transactions to date. The Silicon Valley firm regularly attracts 7,000 new accounts every day. Leveraging blockchain technology, Uphold provides retail customers and businesses worldwide with easy access to 27 fiat currencies, 30 digital currencies, four precious metals, yield/credit products. Uphold’s Anything-to-Anything architecture offers financial accessibility and inclusion by enabling customers virtually anywhere to open an account, complete KYC-AML in 3-5 minutes, send money, and trade elite asset classes through one simple interface. With Uphold, customers can trade with zero commissions or send funds to virtually anyone, worldwide, free of charge, including payments to businesses and employees. Accounts can be funded via seven cryptocurrency networks, bank connections in around 40 countries, and debit and credit cards. Uphold is available through web, iOS and Android applications. For more information, visit https://uphold.com/.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.