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Uphold Review: What Is It and How Does It Work

Although there are many cryptocurrency exchanges that are active within the crypto market, few are reliable and completely trustworthy. Exchanges such as Uphold have carved a niche at the top of the crypto food chain. This down to several unique features, transparency, attractive fee systems, and different noteworthy security features.

What is Uphold?

Uphold is a cloud-based platform with several functionalities including trading in cryptocurrencies and, offering a cloud-based digital wallet for storage. It offers services in over 184 countries, across 30-plus currencies’ (fiat and crypto), commodities with frictionless foreign exchange, and cross-border remittance for members around the world. Since its debut in 2015, Uphold has powered over $3 billion in transactions.

The Uphold platform combines an app model with payment connectivity to offer financial services to a global market. The platform empowers innovation in financial services by allowing app developers, and fintech partners to leverage the reach of Uphold through licensed relationships with banks and financial institutions around the world.

Uphold Core Features

Uphold allows members to convert, transact money assets, and secure storage. It currently supports popular cryptocurrencies including Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Ethereum, Ripple, Dash, and Basic Attention Token. Members can exchange over 20 fiat currencies as well as four precious metals.

Uphold acts as a virtual wallet for its members as you can use the wallet to store both cryptocurrencies and fiat money. This feature alone makes Uphold more appealing than other exchanges as few offer such as complete package.

Uphold members get support for MasterCard and Visa. Members can send both crypto and fiat from one uphold member to another without limitations, and at no extra charge.

It’s worth noting that unlike other crypto exchanges and typical financial institutions, uphold stands out as a real-time transparent and verifiable service. This means anyone interested in viewing operations such as assets, transaction volumes, solvency, and other features can do so.

As part of its transparency features, Uphold boasts Reserve ledgers and Reserve chains. Reserve ledgers is a public record with all the exchanges made to Uphold assets. The latter is a real-time public record of all member transactions on the platform.

The main drawback is that Uphold is not an anonymous exchange, fees are on the higher side and it doesn’t have a 24/7 customer support service which relies on a ticket system.

How Does Uphold Work?

Registration on Uphold is free. Users enjoy various privileges including converting, transacting, transferring, storing, and withdrawing fiat and cryptocurrencies. In regards to cryptocurrencies, you can buy and sell all supported coins.

To access this feature, you have to qualify as a “verified member”. The verification process requires a member to submit several details. They include the date of birth, an active mobile number (to act as two-factor authentication), place of residence, ID passport or driver’s license details, and a clear passport photo.

The simple and straightforward exchange process even allows members to fund from a debit card. But you must first add funds in a traditional currency such as USD before transferring to the cryptocurrency of choice. Sending and receiving funds from one member to another is free. For currency conversions, variable mid-market exchange rates take precedence.

There’s no doubt Uphold stands out from other exchanges with its comprehensive services. It boasts one of the most versatile exchange platforms which acts as a wallet service, catering for the needs of almost every member. Furthermore, it’s one of the few regulated exchanges and their website is innovative and easy to understand.

Jeff Mwaura No Comments

Cred Launches Secure Easy-To-Use Cryptocurrency

If you have enough balance in your crypto wallet but lack a healthy traditional credit history, it may be impossible to get a loan from a conventional lender. Thanks to blockchain technology, there are new lenders who assist crypto enthusiasts use their crypto assets as collateral to access finance. One of these lenders is Cred. Formerly Libra Credit, Cred offers fiat and cryptocurrency loans backed by digital currency and aims to provide access to credit anywhere, anytime.

What is Cred?

Cred is the brainchild of ex-PayPal executives Lu Hua and Dan Schatt. It made its debut in 2017 with the aim of providing “credit for the real world”. Its token sale in 2018 raised over $26 million in funding. A desktop platform for crypto-to-crypto/fiat lending went live in Q3 2018, while the mobile app was launched by close of 2018.

Cred’s mission is to solve the main issues that bedevil cryptocurrency consumers such as transparency, ease-of-access, and understanding. Many are the times’ consumers feel intimidated when looking to invest in cryptocurrency. According to Brendon McQueen, Founder & CEO of Cred, this is because consumers lack education, in the crypto industry, lack of trust in the industry, as well as confusing product offerings.

The unique position of Cred will address this issue head-on by offering an easy-to-use platform that allows users to track the progress of the cryptocurrency invested, receive daily market recaps, news updates, and learn about each coin before investing.

Cred Loans

Cred offers loans in a decentralised lending ecosystem based on the Ethereum blockchain. These loan products are ideal for the demand for credit that traditional banks cannot fulfill. The main target is people with crypto assets, first-time borrowers and citizens in developing countries.

The Cred ecosystem comprises a proprietary AI-based credit model for risk assessment and multiple partnerships with e-wallets, decentralised exchanges, stable coins, identity verification, and KYC.

You can access loans in a seamless digital lending process which involves 5 steps. This includes application, verification and credit assessment, confirmation, collateral deposit, and disbursement. A borrower can pledge any crypto- asset as collateral and receive loans in their desired assets.

Key features of the platform include:

  • Extensive exchange partnership network
  • Diversified sources of credit funds including individual lenders, financial institutions, and stable coin providers.
  • A collateral grade algorithm to verify the volatility of collateral assets
  • In-house proprietary AI-based credit models
  • Identity-verification platforms to outsource the verification process
  • Reduced-interest repayments when you use LBA (CRED’s native token) as collateral
  • Single digit interest rates
  • Fast access to credit

Why Buy Cred?

The blockchain ecosystem is easy to explore and conquer. According to the World Economic Forum, 10% of global GDP will be on blockchain by 2025.

In 2017, roughly 2.2 trillion of new corporate bonds were issued in comparison to $780 billion in new corporate equity. But despite its massive size, the debt markets face a myriad of issues. They include

  • Liquidity risks
  • Barriers to interoperability between markets and regions
  • The heavy concentration of players crucial to market operations create a single point of failure

Cred has one of the strongest team with solid development after ICO. Partnerships with UPA, Uphold, and Binance labs could help mass adoption of the platform, as well as create opportunities beyond the exchange listing. Given that 40% of the world’s population is unbanked, Cred could open the door for everyone to lend, borrow or invest. Though not completely risk-averse, blockchain-based lending platforms such as Cred can offer borrowers and lenders a transparent, global, rewarding experience.