Uphold members can now access Bitcoin Cash, adding to Uphold's roster of 30+ digitized currencies and commodities
SAN FRANCISCO and LONDON and BRAGA, Portugal, Sept. 21, 2017 /PRNewswire/ -- Today Uphold became among the first companies to enable access to Bitcoin Cash (BCH) for consumers. Following the fork that occurred on August 1, Uphold members holding BTC were issued 1:1 equivalent BCH on Uphold Bitcoin Cash cards, that until today were 'Hold Only'. Uphold is enabling consumers to begin transacting in BCH, opening up conversions into any of the 30+ supported currencies and commodities on the Uphold platform, and opening up deposits and withdrawals in BCH.
"The release of Bitcoin Cash is a significant event for the Bitcoin ecosystem. Uphold is delighted to be among the first to allow members to easily transact in BCH," said Adrian Steckel, CEO and Chairman of Uphold.
Uphold has spent the weeks since the fork monitoring BCH to ensure that the new coin's stability and trading characteristics have attained the thresholds required to open deposits, withdrawals and trading.
Uphold is uniquely architected to handle the lifecycle of new ICOs, tokens and crypto coin issuances through its Four Tier reserve structure. Uphold's pioneering reserve framework is able to accommodate a broad panoply of digital assets, graduating them up through the Four Tier structure as they accumulate the necessary characteristics. Once into Tier Three or above, Uphold's system algorithmically executes trades maintaining a dynamically-balanced, real-time transparent and verifiable full reserve. Accordingly, BCH has achieved the stability and liquidity to graduate from Tier Four to Tier Three, whereupon Uphold members can now buy, send, receive and transact their BCH holdings.
"The ICO market is hot and it's a bit of a Wild West. By placing an asset in Tier Three it means that we believe the currency has achieved the requisite conditions for orderly conversion and transactionality. It does not however mean that we recommend or necessarily endorse the currency's qualities as an investment or speculation," noted JP Thieriot, Vice-Chairman of Uphold.
The BCH launch comes just a few weeks after Uphold announced support for the Basic Attention Token (BAT), and represents Uphold's next step in the expansion of its platform to support the growing demand for digital currencies, including tokens, coins and emerging assets.
Bitcoin Cash is now open and available to all Uphold members. Those members who held value in BTC in their Uphold wallets on August 1st were issued 1:1 value of BCH and can now access those funds. Uphold announced Tier Four support for BCH on August 2nd, the day after the fork. Elevation to freely tradable Tier Three status has taken a little over four weeks.
Uphold digitizes money to provide instant and secure global financial services. Launched in November 2014, Uphold offers ease, speed, affordability and broad access to financial services for people, businesses and institutions, globally with its proprietary platform for digital money. Uphold is among the fastest growing money platforms in the world and has powered over $1.6B USD in transactions by members across 174 countries, in 30 supported currencies and four commodities. By integrating with Uphold's open API, Uphold Connect™, developers can fully leverage Uphold's platform. Uphold has operations in Braga, London, Los Angeles, Mexico City, San Francisco and Shanghai. To learn more visit, www.uphold.com, or follow us on Twitter, Facebook and LinkedIn.
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