Bitreserve rechristened as Uphold, Introduces Credit and Debit Card Linking for Flexible Transactions

By CIOReview | Friday, October 16, 2015
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SAN FRANCISCO, CA: Uphold, formerly known as Bitreserve, recalibrates its functionalities and offers new products and services in a bid to transform global financial ecosystem catering to several markets spread across the globe. The latest move from the company enables its customers to use their Uphold accounts to get connected with banks, credit and debit cards and Bitcoins for secure and instant financial services and transactions.

Uphold is a cloud-based money platform that offers financial services without risks and limitations. Funded exclusively by Bitcoins till date, members can now fund their Uphold accounts by linking bank accounts, credit and debit cards along with digital currencies. Businesses and developers can now create applications, products and services that render free, secure, regulatory compliant financial transactions through Uphold’s open API, Uphold Connect. The API is in compliance with KYC (Know Your Customer) and Anti-Money Laundering (AML) control rights.

Phased Offerings

The company will be offering its new services and products in a phased manner. The first phase rolls out services to the European Union, Switzerland and European Economic Area while second phase which offers services to the United States and China (limited beta release) is scheduled go live in November 2015.

Phase three scheduled to go live in December 2015 will witness the rollout of multiple card and payment products, both physical and virtual in a limited beta release. Members can choose among Visa, MasterCard and Discover to make payments for in-store and online transactions, using cards directly linked to their Uphold accounts. Phase Four will enable users in India to utilize the services in a limited beta release and is scheduled to go live in January 2016.

“Our mission is to make it easy and frictionless for anyone, anywhere to move, convert, hold and transact in any form of money or commodity securely, instantly and for free,” says Anthony Watson, President & CEO, Uphold. “By connecting the world’s legacy and fragmented financial networks and systems with the world's leading cloud-money platform we bring to the marketplace instant, transparent, accountable and free financial services for all. We’re simplifying and radically reducing costs for all financial transactions and services -- from currency conversions to international money transfers and payroll to bill payment and remittance.”