![]() But according to Watson they believe that they can create a just global financial society where “everyone can enjoy access to a safe, transparent, equitable, fair and free financial system without risks, without restriction, without limitations and without cost.” Why not join the ‘cloud-money’ revolution. Uphold does acknowledge that its vision is bold. ![]() And, back in September 2015 Uphold was one of the first companies in the digital money space to be certified PCI-DSS compliant. Bill Dennings, the company’s Chief Information & Security Officer (CISO) who was formerly the CISO of MasterCard, Inc., leads the security team. ![]() On the security front, ensuring consumer protection is of utmost importance for Uphold, its members and partners. It should be noted that sending or receiving money - member-to-member within Uphold - is completely free regardless of the amount, currency or frequency. But then a fee of 0.5% applies to moving money out of Uphold. On the platform it's free to make withdrawals for up to €10,500, £8,000 or 60 BTC (bitcoin) per year. And, while it’s free to buy, move and convert any currency (Foreign Exchange) on Uphold, a 2.75% fee applies if members choose to fund their account with a debit and/or credit cards. It’s free to transfer value to and between Uphold members, with no minimum or maximum obligation amounts, currency or transaction restrictions. In terms of pricing the membership is free for Uphold members to fund their Uphold account(s) from any bank in approved areas. The ability to link Uphold to bank accounts, debit and/or credit cards is only available to registered, authorized and authenticated members in approved countries. The company has furthermore built world-leading Know Your Customer (KYC) and Anti-Money Laundering (AML) controls right into its open API, which takes care of the regulatory burden and control requirements developers face when entering the financial economy. This allows Uphold members to move, convert, hold and transact in any form of money or commodity instantly and securely.īy integrating with Uphold, businesses and developers can create applications, products and services that deliver free, secure, regulatory compliant and instant value transfer, conversion, storage and exchange through Uphold’s open API (application programming interface) - Uphold Connect.īy integrating with Uphold’s seamless and open API, developers and third parties are able to create applications, products and services that instantly and securely deliver and transfer any type of money or commodity to anyone, anywhere at no cost - including free currency conversations and storage. Now Uphold members can fund their accounts by linking bank accounts, debit and credit cards as well as to crypto currencies. Previously, Uphold accounts were funded exclusively with bitcoin. And, without restriction and without limitations. Uphold, which connects the legacy and fragmented financial ecosystem with the future of money and finance that the company calls ‘The Internet of Money’, claims to offer what it describes as “accessible, equitable, fair and free financial services without risks”. Members in India (with limited beta) will from January 2016 be able to fund Uphold accounts via bank transfer and credit or debit cards in addition to bitcoin. We’re simplifying and radically reducing costs for all financial transactions and services - from currency conversions to international money transfers and payroll to bill payment and remittance.” He adds: “By connecting the world’s legacy and fragmented financial networks and systems with the world's leading cloud-money platform we bring to the marketplace instant, transparent, accountable and free financial services for all. Uphold's Watson commenting says: “Our mission is to make it easy and frictionless for anyone, anywhere to move, convert, hold and transact in any form of money or commodity securely, instantly and for free.” In the coming weeks, Uphold says it plans to roll out these and other capabilities across the United States and China (November 2015, Phase 2) and in December (Phase 3) Uphold will introduce both physical and virtual payment cards with Visa, MasterCard and Discover card (limited beta), allowing Members to pay merchants online or in-store, directly from their Uphold accounts. So, instead of using bitcoin to fund Uphold accounts, consumers and businesses are able to link up to bank accounts and hold, send and change funds in 24 currencies instantly - and the good news for consumers is that it is free.
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