Leading digital money platform Uphold has announced the launch of the world’s first multi-asset account on its platform. According to Uphold, the new initiative would allow users to convert multiple assets such as Bitcoin, XRP, Gold and BAT to fiat currency.
In addition, each account would be issued a Mastercard debit card that would allow users to withdraw cash from enabled ATMs across the world. Uphold envisages that the launch of the debit card would transform the utility of cryptocurrencies into everyday use.
Uphold MasterCard to Support Multiple Assets
According to Uphold, all assets would be held in the company’s account enabling users to convert multiple currencies 24/7. In addition, users would be able to convert 27 fiat currencies, 24 digital currencies and four precious metals including Gold, instantly to fiat currencies.
Uphold plans to issue out the Mastercards initially in the United States with the firm already accepting pre-orders for the debit card. Also, the firm plans to issue the debit cards in both physical and virtual forms to enable diverse options for holders.
Cardholders will also be able to access a slick app that would contain card details as well as features to change pin and an inventory breaking down the amount spent by categories.
Uphold Ceo J.P Theriot revealed that the new cards would bring about an easy way to spend assets that were previously thought of as unspendable. ‘’Here, at last, is a debit card that transforms the utility of cryptocurrencies and other traditionally ‘unspendable’ assets by making them readily usable in everyday life.” He Said.
Novel Initiative by Uphold, the First of its Kind in the Industry
Uphold will be looking to carve a niche for themselves with this latest initiative. The digital platform is one of the major industry leaders in the blockchain sector with over $5 billion in processed transactions across 180 countries.
There has been a drive-in recent years to tokenize unspendable assets and make them spendable like fiat currencies. With the launch of the Uphold Mastercard, this can be easily achieved.
It will be interesting to see whether this becomes a common trend within the crypto space in the coming months.