Uphold, a cryptocurrency exchange platform, recently announced that they will be launching the world’s first cryptocurrency line-of-credit service. This will allow users to generate yields from digital assets such as Bitcoin [BTC] and Ethereum [ETH].
The platform also clarified that they will be adding more assets, citing XRP in particular. They also announced the upcoming launch of their mobile app while speaking about a giveaway worth $500,000 in UPUSD, a new stablecoin.
“We’re soon launching both physical and virtual debit cards, and we’re going to turn this waiting list into a dynamic leaderboard rewarding early referral, community participation and transactional activity!”
The creation of the coin is a part of a collaboration between PricewaterhouseCoopers and Cred platform to audit a dollar pegged stablecoin. This is focused on cryptocurrency loans to be launched in November with interest rates of 2% to 5.5%. New alliance members are reportedly said to join, the most recent of which is Micheal Arrington.
Uphold will allow its users to generate a “substantial yield” or “secure a flexible credit line” against their cryptocurrency holdings. These are called Uphold Earn, with a yield of 2% – 5%, and Uphold Borrow with interest rates starting from 9%.
They can utilize Bitcoin or Ethereum for these purposes, providing a non-term cryptocurrency line of credit. Uphold also mentioned that users who register before the end of this month will get 1% off interest and 1% higher yields on deposits.