Cloud money platform, Uphold, has announced that it is adding two of the most popular cryptocurrencies, Ethereum and Litecoin, to its service “In an effort to bring our members every conceivable form of currency.”
Explaining its rationale, Uphold says that it cares about the underlying principles that embrace innovation, such as open source development, bitcoin and other blockchain-based technologies. “Their potential for disruption in the financial sector, including traditional financial institutions and regulatory bodies and beyond is monumental.”
Jorge Pereira, Executive Vice President, Chief Product & Engineering Officer at Uphold commented: “We chose to support these two new cryptocurrencies because of their growing popularity in the developer and open source communities, financial traders and enthusiasts. We will launch Litecoin in April 2016 and Ethereum in May 2016. We can’t wait to extend all the benefits Ethereum and Litecoin can bring to you.”
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The startup, founded by Halsey Minor, has traditionally provided bitcoin storage and payments to users, allowing them to hedge against bitcoin’s volatility by pegging their holdings to fiat currency or precious metals. In October 2015, it changed its name from Bitreserve to Uphold and revamped its branding and website. Its marketing focus has shifted to low-cost fiat currency exchange and global transfers, and it is branded as a FinTech company. It says to have facilitated over $700 million worth of cloud money transactions to date.
It now markets itself as the “Internet of Money”, promising a seamless and inclusive financial platform where its free to hold, move, convert and transact in any form of currency or commodity. The platform also supports the development of new technologies and companies, such as Voxelus and its in-game currency, the Voxel.