Uphold Introduces Instant Crypto-Backed Loans through Exactly DeFi Protocol

Uphold, a financial technology company that provides modern infrastructure for on-chain services, has launched instant cash loans against crypto holdings through its Exactly DeFi Protocol. The service is available to Uphold's retail customers in the U.S.

The new loan program allows users to deposit their Bitcoin (BTC), Ethereum (ETH), XRP, or USDC as collateral and borrow funds without selling any assets. Loans are available in minutes with no credit checks required.

Repayment timelines are flexible, and users can defer the full loan, including interest, to a later date. Once the loan is confirmed, USDC arrives in the user's Uphold account within minutes, which can then be converted into USD at a 1:1 ratio with no spread for the first $20,000 per calendar month.

Uphold's CEO, Simon McLoughlin, stated that many people have significant wealth tied up in digital assets and often face a trade-off between short-term needs and long-term investment goals. The company aims to provide access to instant liquidity, allowing users to access the value of their crypto holdings without having to sell them.

The service is likely to have widespread appeal, as a recent study found that 67 million Americans, or one in four adults, currently own cryptocurrency.