Uphold lists physical-gold backed token issued by the Universal Protocol Alliance

2020-7-30 16:50

Uphold, a digital investment platform, today announced global customers can buy gold-backed token UPXAU. Universal Gold (UPXAU) is a physical-gold backed token issued by the Universal Protocol Alliance and backed by the Government of Western Australia. UPXAU is free to hold, government-backed, and spendable on a debit card—with no minimum investment required.

By launching Universal Gold, Uphold and the Perth Mint have developed a more practical and affordable way of investing in gold for everyone. Lowering barriers to entry and eliminating holding costs completely, UPXAU allows people to buy as little as $1 worth of gold (with no maximum investment) with zero lifetime custody fees, as well as unprecedented utility.

UPXAU can be spent on an Uphold debit card just like cash and, in many countries, Uphold customers can convert cash in their bank account into Universal Gold – and vice versa – in seconds.

“The three killer features of spendability, zero holding costs, and government guarantee make this the perfect product at the perfect time – an enormously innovative form of gold for a world beset by COVID-19 and the trillions in currency debasement it will leave in its wake,” said JP Thieriot, CEO of Uphold. ‘We genuinely believe that Universal Gold is the best way of holding gold at one of the best times ever for gold investing.’

Minted with transparency, all UPXAU transactions are publicly verifiable on the Ethereum blockchain and audited by blockchain security firm CertiK. UPXAU is available to buy and sell through Uphold and Bittrex.

“This is the only physical gold offering in the world that is Government-guaranteed, carries no storage costs, and is physically redeemable,’ said Dan Schatt, Chairman of the UP Alliance. ‘When you combine this with all that the UP Alliance can provide – transparent value substantiation, digital portability, and debit card spendability – Universal Gold delivers the mainstream solution that gold investors have been waiting for.”

Universal Protocol is an alliance of leading blockchain companies – including Ledger, CertiK, Bittrex Global, and Uphold, with a mission to drive mainstream adoption of crypto assets.

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