Uphold has announced the release of a new debit card that allows users to pay with crypto, but also with fiat and precious metals such as gold.
It is a multi-asset card, available to US residents and operating on the MasterCard network, allowing users to spend assets held in their Uphold accounts.
The Uphold wallet supports 24 cryptocurrencies, 27 fiat currencies and 4 precious metals, namely gold, silver, platinum and palladium.
Wallet users who reside in the USA can already pre-order the card, and can use it wherever MasterCard is accepted.
Uphold will not charge any exchange fees during the payment process.
In addition, this multi-asset debit card is the first of its kind, as it allows users to convert commodities, as well as cryptocurrencies, into fiat currencies that can be spent virtually anywhere.
On the Uphold platform, users can purchase, sell, spend and hold digital assets, legal currencies and commodities.
The goal is to reflect and integrate into the card what the wallet already offers, i.e. access at any time to any stored asset.
By activating the app to which the debit card is connected, users will be able to spend in real-time, cryptocurrencies, fiat currencies and precious metals.
Thanks to a dedicated partner, Uphold allows users to purchase commodities, such as precious metals, which are physically held in special vaults, and to exchange ownership as is done for example with cryptocurrencies.
The company, in collaboration with Salt, is also working on the possibility of offering a crypto-based lending service, i.e. using users’ cryptocurrencies as collateral for granting loans.
Uphold now claims to have more than 1 million users.