Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Crypto trading platform Uphold offers USD interest accounts earning 5% in bid to attract more customers, capital

Crypto trading platform Uphold offers USD interest accounts earning 5% in bid to attract more customers, capital

The BlockThe Block2024/09/04 16:00
By:The Block

Quick Take Uphold, a trading platform with about 12 million users, is launching U.S. dollar interest accounts that can earn an APY of up to 5%. The move is geared towards both attracting new customers and incentivizing users to hold more capital on the platform.

Uphold, a trading platform with about 12 million users, is launching U.S. dollar interest accounts that can earn an APY of up to 5%.

The company's CEO Simon McLoughlin said the move is geared towards attracting new customers and incentivizing users to hold more capital on the platform.

"Our main goal is just to make Uphold attractive and acquire a ton of new customers, from the mass market," McLoughlin told The Block. "It's [also] just a safer way for people to hold dollars on the platform. It's an insured vehicle."

Initially, the offering is only available to U.S. users, and the accounts "provide access to FDIC insurance up to $2.5 million for participating funds," the company said in a statement. Balances under $1,000 will earn 2% interest while balances that exceed $1,000 earn 5%.

Uphold said the interest accounts offering up to 5% APY are made possible through a partnership with Atomic Brokerage.

"Users tell us that they want more ways to maximize the earning potential of their assets, whether that is crypto or fiat,” said McLoughlin. “Now we are the first major crypto trading platform to embed a brokerage account offering interest on USD."

McLoughlin said Uphold has over 2 million users in the U.S.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

BREAKING: FBI Operation on the CEO of the Most Talked Cryptocurrency Platform of Recent Times – Phone and Electronics Seized

The FBI launched an operation against one of the most talked about cryptocurrency platforms of the US elections. Here are the details.

Bitcoinsistemi2024/11/14 07:33

Another Good News for Bitcoin and Cryptocurrencies – BTC-Friendly Name Appointed to a Very Critical Position in the US

A name known to be cryptocurrency and Bitcoin friendly has been elected to an important position in the US. Here are all the details.

Bitcoinsistemi2024/11/14 07:33

Cardano (ADA) Foundation Announces Investment Portfolio! Do They Have Bitcoin (BTC)?

The Cardano Foundation announced that it has $478.24 million in assets, the majority of which is in ADA.

Bitcoinsistemi2024/11/14 07:33