Uphold And Cred Partner To Open Lending Products Uphold Earn And Uphold Borrow
A digital payments company called Uphold has been recently launching new lending and earning products via a new partnership with a company called Cred. These two new products will be called Uphold Earn and Uphold Borrow.
They were announced today, October 22, and the main goal of these new options is to help the customers to earn interest from holding stablecoins and borrowing money against the cryptos that they own.
— Uphold (@UpholdInc) October 22, 2018
JP Thieriot, which is the Uphold co-founder, has affirmed that the new products of the company are a landmark because of the originality of idea, which marks the first time that stablecoins, blockchain and fiat currencies will work together to benefit the mass consumer market.
According to the co-founder of Uphold, the average consumer is very wary of cryptos because of the volatility of the market, which is very big and because they are afraid that if they lose their keys, they will lose their money forever. The new product, Thierot believes, will be instrumental in actually solving these problems.
The company will have custody options and will hold the private keys of the clients as part of their new accounts.
Earn will be the product of the company that will let the users invest in a stablecoin named Universal Dollar. The token, which was only recently announced by the company, has been released by Uphold and, just like Tether and some other companies, have a 1:1 ratio pegged with the USD.
Basically, the idea is that you can use the product to pay 1 USD per 1 Universal Dollar and receive an interest of up to 5 percent when investing in this company.
The other product presented by the company is the Uphold Borrow which lets the customer borrow funds against the digital assets stored in the company. The loans will have a value that can range from $1,000 USD to $200,000 USD. This way, if the user needs funds, it can use this program.