San Francisco, London, April 11, 2016 — Uphold, the world’s fastest growing cloud-based financial services platform, has announced its real-time integration with leading cryptocurrency exchange Bittrex, allowing real-time market pricing for its members to exchange Voxel, Litecoin and Ethereum into a wide range of fiat currencies, including the US dollar, Euro, Chinese yuan, Indian rupee, Japanese yen and British pound, as well as precious metals, including gold and silver. Uphold also has a long-standing integration with the preeminent global bitcoin exchange, Bitstamp.
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Uphold Adds Support for Voxel
This integration will allow customers to trade with no fees, up to $1,000 per month ($12,000 per year), the following assets:
Voxels, which has been the top trading coin in volume every day since it began trading on Bittrex on March 31, with its VR marketplace set to open April 20;
Litecoin, the second most popular cryptocurrency over the past three years, available April 2016
Ethereum, which has the largest market capitalization of any cryptocurrency in the world other than bitcoin, available on May 2016
“We are proud to provide the widest array of options to buy, hold, trade and convert seamlessly among multiple asset classes and soon these additional cryptocurrencies,” said Anthony Watson, President and CEO of Uphold.
The company’s unique business model of non-fractional reserve means that it will always hold over 100% reserves for the assets on both ends of a transaction. This compares to traditional banks, which are fractional reserve and can hold as little as 7% of its obligations on hand, leading to the repeated cycles of bank bailouts and “too big to fail” banks that have been responsible for the largest recession in US history. Uphold is proud to the be only financial services company in the world to have over 100% tier one capital, protecting its members.
Clarification on Holding Assets versus Selling Assets
Voxelus and Uphold are separate, unrelated companies. Uphold had made no investments in Voxelus. Uphold was the first company to partner with Voxelus in the creation of their cryptocurrency; The Voxel (VOX). Specifically Uphold developed the VOX digital wallet and other back-end financial integrations to power the Voxelus Marketplace, the largest repository for Virtual Reality (VR) content in the world, that is currently live for free products and will go live for paid transactions on Wednesday, April 20. In return for developing the VOX digital wallet, Uphold took a percentage of the Voxelus pre-mined float.
In the Voxel crowdsale, which took place in 2015 and raised $500,000 to help build the Voxelus marketplace, both Voxelus and Uphold agreed that neither would ever sell its owned coins at a price below the final crowdsale price of 0.001536 BTC (currently about 64 cents). Given that all Voxel trades on Uphold currently go through Bittrex (with the potential of other exchanges added in the future), Uphold management wished to clarify that any market price below the final crowdsale price, at any time and for all time, does not include any coins owned by Uphold nor Voxelus.
“We are a highly regulated institution,” said Watson, “and we have to play by certain rules. We have stated, and we reiterate today, that neither Uphold nor Voxelus will sell any Voxels it owns – which constitute the vast majority of Voxels in existence – at below the final crowdsale price of 1/650 BTC – ever. Uphold has not sold any Voxels whatsoever, even when the Voxel initially traded well above the crowdsale price, and we have no intention of selling any Voxels for the foreseeable future. We believe in and support the long-term vision of Voxelus, its unique and compelling VR content creation platform and their cryptocurrency the Voxel. We strongly believe the VOX is significantly undervalued and believe others will see why when Voxelus fully launches their marketplace in the next few weeks. We’re very excited about the whole project.”
Welcome to Uphold. The Internet of Money™. The company enables anyone, anywhere to move, hold, convert and transact in any form of money or commodity instantly, securely and for free – on any device. Launched in November 2014, the company is the fastest growing money platform in the world and has powered over $867M USD in transactions by tens of thousands of members (individuals, businesses and charities) across 174 countries, in 25 supported currencies and four commodities. By integrating with Uphold’s open API Uphold Connect™, developers can fully leverage Uphold’s platform. Uphold is headquartered in Charleston with operations in Braga, London, Los Angeles, Mexico City, Mumbai, Portland, San Francisco, Sao Paulo and Shanghai. uphold.com or Twitter, Facebook, Linkedin and Instagram.
Founded in 2015, Voxelus is a revolutionary platform that allows anyone to create Virtual Reality games, experiences and virtual spaces without writing a line of code. The platform consists of Voxelus Creator, a 3D design app for PC and Mac; Voxelus Viewer, which works on desktop PCs, Oculus Rift and Samsung VR devices; and the Voxelus Marketplace, which allows creators to sell and user to buy VR content and games for the Voxelus ecosystem, using the unique voxel in-game cryptocurrency. For more information, visit voxelus.com.
Erika Zapanta, Transform Group
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