A digital money platform challenges competitors by offering instant transfers from a larger number of cryptocurrencies, fiat currencies and commodities–all with the ambition to reduce the seemingly endless costs and charges faced by customers.
According to Uphold, it is free to open an account on its platform and transfer funds from bank accounts–and there are also low costs and no limits attached to sending or receiving money (if the currency is the same) to other members of Uphold, whether on the street or elsewhere.
This format is particularly useful when it comes to transfers, in which many foreign workers face astronomical charges while sending money back thousands of miles away to their loved ones, the company adds. In order to be transparent, Uphold has clearly outlined its pricing model. Small fees apply if an account is funded using a debit card or a credit card, if a member converts funds to a different currency or if they want to transfer funds from their platform.
The fiat currency range of Uphold is wide-ranging and conveys global charm. Its platform facilitates 23 fiat currencies conversions. It also supports eight cryptocurrencies and four commodities, which means that you can convert from New Zealand dollars to Litecoin gold with “exceptional ease.” Compared to similar facilities, the company says it assists clients deal more seamlessly across more than 1,000 trading pairs – allowing them the freedom to safely keep their money under control.
This “inclusive and global” approach appears to have paid dividends to the company, as it now has “nearly one million members from more than 174 countries.” According to Uphold’s website, the brand now has more than $4 billion in digital money transactions – a sign of the progress and growth the brand has seen since its launch in 2013. To protect its users against massive fluctuations in the value of a cryptocurrency, the platform also provides protection against volatility. This means that they can automatically receive money in their preferred fiat wallet without worrying about quick conversions and avoiding the change in value as the currency is converted.
Uphold emphasized that the users can see how the service handles their money. In addition to providing details on the encryption and auditing measures it undertakes, a transparency page detailing its current transaction volume in real time, the number of transactions it handles, its obligations and the number of assets in reserve is published. These are divided into three levels: currencies for bank transfers; currencies for holding, exchanging or sending to anyone in the world and cryptocurrencies for sending or receiving.
In addition to wooing people, Uphold has worked to attract large and small companies that are looking for a safe and easy way to receive instant, secure international payments. Just as it tried to reduce fees for transfers across borders, the platform offers companies ways to transfer funds without delays and prohibitive fees to international suppliers and staff members. This could also benefit prospective customers of a company, who have higher payment options at lower extra costs.
