Uphold

Company Overview

Uphold is a digital finance platform and multi-asset trading exchange that enables individuals and businesses to invest, exchange, spend, and transfer cryptocurrencies, national currencies, precious metals, and commodities. The platform is known for its "Anything-to-Anything" trading feature, allowing users to trade directly between any two supported assets in a single step.

Company Background:

• Founded: 2013 (originally as Bitreserve, renamed Uphold in 2015)
• Founder: Halsey Minor
• CEO: Simon McLoughlin (current); JP Thieriot (also listed)
• Headquarters: Larkspur, California, USA (registered office: 80 East Sir Francis Drake Blvd., Ste. 3E, Larkspur, CA 94939)
• Other Offices: London, UK; Braga, Portugal; Shanghai; Vilnius, Lithuania; Vancouver, Canada
• Employees: 400-500+
• Total Funding: $73-137M across multiple rounds
• Key Investors: Greg Kidd, Mastercard Start Path Crypto, Crowdcube, Hard Yaka, EQUIAM, YMF Investments
• Users: 10+ million across 150+ countries
• Transaction Volume: Over $3.5 billion processed

Uphold has been a pioneer of "radical transparency" in the crypto space since 2014, publishing its assets and liabilities every 30 seconds on its website. The company never loans out or rehypothecates customer assets and maintains 100% reserves at all times.

Regulatory Status:

• US: Registered with FinCEN, licensed in multiple states (NMLS ID No. 1269875)
• UK: Registered with the FCA
• EU: Registered with Financial Crime Investigation Service under Ministry of Interior of Lithuania
• Certifications: SOC 2 Type 2, ISO 27001, PCI DSS

Uphold is notable for never delisting XRP even during the SEC lawsuit period, building strong loyalty within the XRP community.

Products & Services

Uphold Debit Card

The Uphold Debit Card is a Visa-branded card (US) and Mastercard (UK) that allows users to spend any asset held in their Uphold wallet, including cryptocurrencies, fiat currencies, and precious metals. The card relaunched in the US in October 2025 with industry-leading XRP rewards.

Card Tiers:

Feature	Uphold Elite Card	Uphold Essential Card
Material	Premium Metal	Plastic
Annual Fee	$99.99	$0
Physical Card Fee	Free	$4.99
Virtual Card	Free	Free
ATM Fees	$0 (No ATM fees)	$2.95 per withdrawal
Foreign Transaction Fee	0%	1.5%
Introductory XRP Rewards (90 days)	Up to 6%	Up to 4%
Post-Intro XRP Rewards	3%	2%
Direct Deposit Bonus	+4% XRP	+4% XRP

Card Specifications:

• Network: Visa (US), Mastercard (UK)
• Issuer: Cross River Bank (Member FDIC)
• Card Type: Prepaid Debit Card
• Virtual Card: Available for US and UK
• Physical Card: Available for UK; coming soon for US
• Mobile Wallets: Apple Pay, Google Pay

How It Works:

1. Select which asset to link to your card (crypto, fiat, or metals)
2. When you make a purchase, the linked asset is liquidated
3. Fiat is transferred to cover the transaction
4. Conversion happens automatically at point of sale
5. Earn XRP rewards on every eligible purchase

Key Benefits:

• Spend 300+ digital assets directly
• No need to pre-convert crypto—auto-converts at purchase
• Up to 10% combined XRP rewards (6% card + 4% direct deposit)
• Free virtual card
• Apple Pay and Google Pay support
• 100% reserves—never loan out customer assets
• FDIC insured through Cross River Bank (up to $250,000)

Supported Assets

Uphold supports spending from:

• Cryptocurrencies: 200+ including BTC, ETH, XRP, SOL, USDT, USDC
• Fiat Currencies: 27+ national currencies
• Precious Metals: Gold, Silver, Platinum, Palladium
• Commodities: Various commodity holdings

Additional Uphold Services

• Staking: 20+ assets with instant stake/unstake, up to varying APY
• USD Interest Account: Up to 4.0% APY on USD balances (FDIC insured up to $2.5M through partner banks)
• Uphold Vault: Self-custody solution for BTC and XRP (2/3 multi-signature wallet)
• Direct Deposit: Deposit paychecks and earn 4% XRP rewards
• Enterprise Solutions: Topper (on-ramp), Optimus debit card, API integrations

Fees & Pricing

Card Fees

Fee Type	Elite Card	Essential Card
Annual Fee	$99.99	$0
Virtual Card Issuance	Free	Free
Physical Card	Free	$4.99
ATM Withdrawal (US)	$0	$2.95
Foreign Transaction	0%	1.5%
ATM (UK/EU)	£2.50	£2.50
ATM (International from UK)	£3.50	£3.50

Platform Trading Fees

Asset Type	Fee Range
BTC/ETH	1.4% - 1.6%
Altcoins	2.5% - 2.95%
Major FX	0.3%
Precious Metals	1.9% - 2.95%
Stablecoins (USDT/USDC)	Lower rates

• Trades under $250: $0.99 flat fee applies
• No maker-taker fee model
• No volume-based fee tiers

Deposit/Withdrawal Fees

Method	Fee
ACH Deposit	Free
Bank Wire (<$5,000)	Free
Bank Wire (>$5,000)	$20
Debit/Credit Card Deposit	3.99%
Crypto Withdrawal	Network fees only (some tokens +$0.99)
Debit Card Withdrawal	1.75%

Rewards Program

XRP Rewards Structure

Introductory Period (First 90 Days - Sign up before Jan 1, 2026):

Card Type	Reward Rate	Monthly Cap	Max XRP/Month
Elite	6%	$5,000 purchases	$300 in XRP
Essential	4%	$3,000 purchases	$120 in XRP

After Introductory Period:

Card Type	Reward Rate
Elite	3%
Essential	2%

Direct Deposit Bonus:

• 4% XRP back on paycheck deposits (minimum $250 deposit)
• Up to $500/month through December 2025
• Combined with card rewards = up to 10% total XRP rewards

Eligible Purchases:

• All everyday purchases where Visa is accepted
• Online and in-store transactions

Excluded Purchases:

• ATM withdrawals, cash-back
• Gambling and lottery
• Government/court payments
• Debt and loan payments
• Crypto purchases
• Peer-to-peer transfers

Spending Limits

Limit Type	Amount
Daily Purchase Limit	$10,000
Maximum Transactions/Day	50
Maximum Card Balance	$25,000

(Limits may vary based on verification level and card type)

Geographic Availability

US Availability:

• All US states and Washington D.C.
• Excluded: Louisiana, New York, US territories

UK Availability:

• Available with Mastercard
• Physical and virtual cards available

Platform Availability:

• 150+ countries globally
• Various asset restrictions by region

Canada Status:

• Uphold Operating Canada Ltd. has withdrawn registration application
• Not currently offering registrable services to Canadian residents

Security & Compliance

Regulatory Framework:

• US: FinCEN registered, state-licensed (NMLS ID 1269875)
• UK: FCA registered
• EU/Lithuania: Financial Crime Investigation Service registered

Certifications:

• SOC 2 Type 2
• ISO 27001
• PCI DSS compliant

Privacy Compliance:

• GDPR
• CCPA
• PIPEDA
• UK Data Protection Act

Security Features:

• 100% reserve policy (never lends customer assets)
• Real-time transparency (assets/liabilities published every 30 seconds)
• Integrates with 30+ trading venues for liquidity
• Uphold Vault for self-custody (2/3 multi-sig)
• FDIC insurance through Cross River Bank (up to $250,000)
• Cash Sweep Program provides up to $2.5M FDIC coverage

Card Issuer:

• Cross River Bank, Member FDIC

Target Users

Ideal For:

• XRP holders and enthusiasts (best XRP rewards in market)
• US residents wanting crypto spending with high rewards
• Multi-asset investors (crypto, fiat, metals)
• Users wanting transparent, 100% reserved platforms
• Those seeking simple "anything-to-anything" trading
• Frequent travelers (Elite card: 0% FX fees)
• Direct deposit users wanting additional rewards
• Users wanting to spend precious metals as currency

Not Suitable For:

• Residents of Louisiana, New York, or US territories
• Canadian residents (service withdrawn)
• Users seeking lowest trading fees (higher than competitors)
• Those wanting non-XRP rewards (all rewards paid in XRP)
• Users preferring maker-taker fee structures
• Those needing credit card functionality (debit only)

Pros

• Industry-leading XRP rewards (up to 6% + 4% direct deposit = 10%)
• Elite card has 0% ATM and FX fees worldwide
• Free virtual card for US and UK users
• Spend 300+ assets directly (crypto, fiat, metals)
• No pre-conversion needed—auto-converts at purchase
• 100% reserves—never loans customer assets
• Real-time transparency (30-second asset/liability updates)
• FDIC insured through Cross River Bank
• Cash Sweep Program offers up to $2.5M FDIC coverage
• Apple Pay and Google Pay support
• Never delisted XRP during regulatory challenges
• SOC 2, ISO 27001, PCI DSS certified
• Up to 4.0% APY on USD balances
• Self-custody Vault option available
• No annual fee on Essential card
• Accepts direct deposit for additional rewards

Cons

• All rewards paid in XRP only (no BTC or other options)
• Trading fees higher than some competitors (1.4-2.95%)
• Not available in Louisiana, New York, US territories
• Elite card has $99.99 annual fee
• Essential card has $2.95 ATM fee and 1.5% FX fee
• Introductory rewards (6%/4%) only last 90 days
• Post-intro rewards drop to 3%/2%
• Monthly reward caps ($300/$120 max XRP)
• Physical card not yet available in US
• Canada service withdrawn
• No maker-taker or volume discount fee structure
• $0.99 fee on trades under $250
• Crypto withdrawal fees apply for some networks

Alternatives

• Crypto.com Card: Up to 8% CRO rewards, Spotify/Netflix rebates, no staking required for basic tier
• Coinbase Card: Up to 4% crypto rewards, multiple reward options (not just XRP), widely available
• Gemini Credit Card: Up to 4% rewards in 40+ cryptocurrencies, no annual fee
• Nexo Card: Dual debit/credit modes, borrow against crypto, up to 2% cashback
• Bybit Card: Up to 10% advertised cashback, ~8% APR on idle balances
• KAST Card: Multi-chain stablecoin card, SOL staking, global availability