Uphold One of the First Major Crypto Trading Venues to Introduce FDIC-Insured USD Interest Accounts Offering up to 5% APY
As interest rates remain high globally, Uphold, the global web3 financial platform, has partnered with Atomic Brokerage LLC (Atomic) to launch USD Interest Accounts offering up to 5% APY*. The accounts are directly integrated into the Uphold app and eliminate the need to withdraw USD to a bank account to earn interest and receive the benefit of deposit insurance. The accounts provide access to FDIC insurance up to $2.5 million for participating funds** and are available to U.S. users.
In a recent Uphold survey, nearly 50% of current customers said they wanted a high-interest savings account.
The USD Interest Accounts offer users:
- Up to 5%APY*on USD
- 2% APY* with $1 Minimum Deposit
- Earning interest begins upon deposit*
- FDIC Insurance up to $2.5 million for participating funds**
- No Subscription, No Lock-ups, No Monthly Fees
- Funds can be moved instantly between the USD Interest Account and Uphold’s crypto trading platform
- Instant settlement: Withdraw funds at any time***
Residents of the U.S. can sign up for the account in seconds directly through the Uphold app.
“Users tell us that they want more ways to maximize the earning potential of their assets – whether that is crypto or fiat,” said Simon McLoughlin, CEO of Uphold. “Now we are the first major crypto trading platform to embed a brokerage account offering interest on USD – eliminating the hassle and cost of withdrawing USD to a bank just to earn a return.”
A CNBC Select and Dynata Banking Behaviors Survey found that 82% of the U.S. population doesn’t have a high-yield savings account1. Uphold wants to address that market with this new embedded brokerage account offering.
For more information, please visit www.uphold.com.
*Balances under $1,000 earn 2% interest; balances $1,000 and over earn 5%. Rate subject to change. Neither Atomic nor any of its affiliates is a bank. Interest accrues daily and is paid on a monthly basis.
**You are able to have up to $2,500,000 ($250,000 per depositor, per insured bank for each account) Federal Deposit Insurance Corporation (FDIC) insurance for deposits in your Atomic Brokerage LLC account when those funds are deposited into all ten unaffiliated bank deposit accounts in the Atomic Cash Sweep Program (subject to coverage limits and eligibility requirements). Funds held in your Atomic Brokerage account are not FDIC insured. Funds held in your Atomic Brokerage account solely for the purpose of accessing the Cash Sweep are also not protected by SIPC.
***Access to funds is typically available within seconds. Transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Additionally, sometimes transfers can be delayed.
1 Source: https://www.cnbc.com/select/americans-not-using-high-yield-savings-accounts/
Uphold is not affiliated with, but has an engagement with, Atomic Brokerage LLC (“Atomic”), a registered broker-dealer and member of FINRA and SIPC, to bring you the opportunity to open a brokerage account through Atomic (“USD Interest Account”) in which cash is swept into unaffiliated bank deposit accounts opened for you by, and in the name of, Atomic as agent and custodian. The USD Interest Account does not provide users with the ability to purchase securities. You should not expect cash in your USD Interest Account to be protected by SIPC or FDIC insurance, and cash is only protected by FDIC insurance (subject to coverage limits and eligibility requirements) once deposited by Atomic in the unaffiliated bank deposit accounts. If you prefer your cash to be invested in a Money Market Fund eligible for SIPC coverage, you must send an email to support-brokerage@atomicvest.com to discuss your options. For full details about the Atomic Cash Sweep Program, see the Terms & Conditions. Crypto is not offered through Atomic. For more details about Atomic, please see their Form CRS, General Disclosures, Privacy Policy, and BrokerCheck. Neither Atomic nor any of its affiliates is a bank.
About Uphold
Ranked #1 in the San Francisco Business Times Fast 100 List, Uphold is committed to making web3 easy. As a web3 financial platform, Uphold serves millions of customers in more than 140 countries. It provides businesses and consumers with easy access to digital assets and services. Uphold’s unique “Anything to Anything” interface gives users seamless access to and between digital assets and national currencies and precious metals. Uniquely, Uphold smart routes orders across 30 trading venues delivering optimal execution and superior liquidity to customers. Uphold never loans out customer assets and is always 100% reserved. The company has pioneered radical transparency and uniquely publishes its assets and liabilities every 30 seconds on a public website (https://uphold.com/en-us/transparency).
Uphold is regulated in the U.S. by FinCen and State regulators; and is registered in the UK and Canada with the FCA and FINTRAC respectively and in Europe with the Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania. To learn more about Uphold’s products and services, visit uphold.com.
