Uphold Acquires Optimus, Rolls Out Cryptocurrency Cards in Europe
Uphold, the US based cryptocurrency wallet and trading platform, has taken over Optimus Cards UK Limited, the EU headquartered company, and intends to roll out a cryptocurrency supporting card in the EU.
As per a media release, Uphold intends to unveil crypto-backed debit card in the Europe beginning April 2021. Uphold CEO JP Thieriot stated that the rollout in Europe follows a successful launch in the US.
“From April, we plan to start rolling out the world’s first, multi-asset, crypto-enabled debit card on the Optimus platform in Europe. The card has already proved a hit with our U.S. customers offering a unique combination of utility, convenience and crypto-back rewards.”
“Very soon our European customers will be able to receive part or all of their salary in Bitcoin — or any asset of their choice — and spend it using Uphold Cards issued through Optimus.”
The latest card will encompass certain assets backed by Uphold’s platform such as precious metals, cryptocurrencies, carbon credits and US equities. In Europe and across the Channel (in the UK), Optimus is the largest debit and credit card issuers.
The company, licensed as Electronic Money Institution, is governed by the UK’s FCA (Financial Conduct Authority). Furthermore, Optimus also performs the role of payments facilitator and primary card issuer. Optimus services are congruous with other payment platforms such as Google Pay and Apple Pay, in addition to virtual and contactless cards.
Uphold refrained from revealing the amount paid for the takeover. Nevertheless, the company stated that its multi-asset debit card in the US in March 2020, backing 24 cryptocurrencies such as Bitcoin (BTC), four precious metals and 27 fiat currencies.
Back in July 2020, Binance, arguably the largest cryptocurrency exchange by trading volume, introduced its cryptocurrency card in the European Union after taking over Swipe wallet.