Uphold, a trading platform with approximately 12 million users, is launching a US dollar interest account that can earn up to 5% APY (Annual Percentage Yield).
The company’s CEO, Simon McLaughlin, said the move was aimed at attracting new customers and encouraging users to keep more capital on the platform.
“Our primary goal is to make Uphold attractive and get a lot of new customers in the mass market,” McLoughlin told The Block. “It’s also just a safer way for people to hold dollars on the platform. It’s an insured vehicle.”
Initially available only to U.S. users, the account “provides access to up to $2.5 million in FDIC insurance on participating funds,” the company said in a statement. Balances under $1,000 earn 2% interest, while balances over $1,000 earn 5% interest.
Uphold announced that an interest account offering up to 5% APY is now available through a partnership with Atomic Brokerage..
“Users tell us they want more ways to maximize the yield potential of their assets, whether crypto or fiat,” McLoughlin said. “We are now the first major cryptocurrency trading platform to offer a built-in brokerage account that offers interest on USD.”
McLoughlin said Uphold has more than 2 million users in the U.S.
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RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.