Uphold Rolls Out Instant Crypto-Backed Loans in US
Uphold, a financial technology company that provides modern infrastructure for on-chain payments, banking, and investments, has launched instant cash loans against crypto holdings through its partnership with the Exactly DeFi Protocol. This new feature allows Uphold's retail customers in the U.S. to borrow against their cryptocurrency portfolio without selling any assets.
The loan program offers several benefits, including no credit checks required, competitive fixed-rate terms starting at 4.28% APR, flexible repayment dates, and the ability to defer the full loan, including interest, to a later date. The loans are available in minutes, with USDC arriving in the user's Uphold account within minutes.
The new feature is likely to appeal to many of Uphold's customers, as a recent study found that 67 million Americans own cryptocurrency, or one in four adults. According to Simon McLoughlin, CEO of Uphold, 'Many people now have significant wealth tied up in digital assets,' and this program provides access to instant liquidity without forcing users to sell their holdings.