Uphold Launches Instant Crypto-Backed Loans Through Exactly DeFi Protocol

Uphold has launched instant crypto-backed loans through its Exactly DeFi protocol. This new service allows Uphold's retail customers in the US to borrow against their cryptocurrency portfolio without selling any assets.

The collateral assets accepted are Bitcoin, Ethereum, XRP, and USDC. The loan process is quick, with no credit checks required and competitive fixed-rate terms starting at 4.28% APR.

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. Users can also convert their USDC into USD at no extra cost for the first $20,000 per calendar month.

Uphold's CEO, Simon McLoughlin, said that many people now have significant wealth tied up in digital assets and often need to access funds quickly without selling them. The Exactly Protocol allows users to access instant liquidity and make everyday purchases or cover unexpected expenses without having to sell their crypto holdings.