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Cryptocurrency Exchange Uphold To Offer Crypto Backed Credits

Uphold, a cryptocurrency and precious metals online exchange, is reportedly going to start offering cryptocurrency backed credits to current clients of their platform. They will partner with Libra Credit, a decentralized platform for lending that is based on the Ethereum blockchain, one of the most known cryptocurrencies. This was informed in a blog post published on the Uphold webpage.
Uphold is a cryptocurrency investment platform that lets their customers put their money in several products, like gold, silver, fiat money and some cryptocurrencies like ethereum, bitcoin, bitcoin cash, litecoin, and ripple. Uphold is pushing hard to become an important player in the cryptocurrency market and reach the likes of Coinbase.
The startup is presenting these innovative products to offer their customers the opportunity of getting a variety of loans without losing their liquidity on its platform. Libra Credit, an Initial Coin Offering startup will provide the backbone for the crypto collateralized credits, while Uphold will be the brand that will facilitate the distribution of these products.
Uphold is a very well known platform in developing countries, where there is a rising difficulty to get a credit because of the numerous requirements that must be met to be able to acquire a product like that. Most people do not meet these requirements and still require some kind of loan in their lives. So it will be an excellent choice for the unbanked to take advantage of this kind of products.
But not everything will be so easy: Uphold is a registered and regulated company, and like that, it will have to play by the regulators’ rules, and wait for these new products to be regulated. Nonetheless, if this ever gets to fruition it will open many doors to customers and will certainly be interesting to see how they bridge a traditional banking instrument like a credit with the new cryptocurrency technology.

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