Uphold Launches 5% USD Interest Accounts to Attract More Customers

Thursday, 5 September 2024, 14:33

Uphold has introduced USD interest accounts earning up to 5% APY. This strategic move aims to attract new customers and incentivize increased capital retention on the platform. With an insured vehicle for dollar holdings and FDIC coverage, it's an attractive option for both new and existing users.
The Block
Uphold Launches 5% USD Interest Accounts to Attract More Customers

Uphold's Bold Step in Crypto Trading

Uphold, a trading platform servicing approximately 12 million users, is making headlines by offering U.S. dollar interest accounts that can earn an impressive annual percentage yield (APY) of up to 5%. The CEO of Uphold, Simon McLoughlin, revealed that this initiative is part of their strategy to draw in new customers while encouraging users to retain more capital with them.

Key Features of the Interest Accounts

  • Attractive APY: Interest accounts provide up to 5% APY.
  • FDIC Insurance: Accounts also secure FDIC insurance for up to $2.5 million for qualified funds.
  • Dynamic Earning: Balances under $1,000 earn 2% interest, while balances exceeding $1,000 increase to 5%.
  • Innovative Partnership: This offering has been made feasible through a synergistic partnership with Atomic Brokerage.

Driving Forces Behind the Initiative

McLoughlin shared that this development is aimed not only at enhancing the appeal of Uphold but also at acquiring a significant number of new customers. Emphasizing user safety, he stated that this is a secure method for individuals to hold dollars. Initially, this offering is exclusive to U.S. users, reflecting a targeted approach towards market expansion.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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