Latest / The Paul Barron Crypto Show / $RLUSD Approved!🎉XRP Loyalty Rewards Coming?🚨Uphold INTERVIEW

Transcript

$RLUSD Approved!🎉XRP Loyalty Rewards Coming?🚨Uphold INTERVIEW · The Paul Barron Crypto Show

0:05
Speaker 1: Let's get into it today.
0:06
Speaker 2: I want to, of course bring in Nancy Beaton, who is,
0:09
Speaker 2: of course the president of Uphold US.
0:12
Speaker 1: Great to have you back on the show. We had
0:13
Speaker 1: one interview with you, but yes, real time.
0:16
Speaker 3: Yeah, yeah, that's right.
0:18
Speaker 1: It was good. Well, good well Nancy.
0:21
Speaker 2: First of all, thanks for coming in on the show today.
0:23
Speaker 2: We'll obviously dive into a lot of things, Ripple, what
0:26
Speaker 2: Uphold is doing, really get an idea of where you
0:30
Speaker 2: see the markets kind of flowing. Just as a reminder
0:33
Speaker 2: for everybody, because this is one of the reasons we
0:36
Speaker 2: asked Nancy and her team to come on is Uphold
0:39
Speaker 2: was one of the few companies that actually maintained trading
0:44
Speaker 2: on XRP during the time in which the SEC was engaging.
0:48
Speaker 2: And I love this statement right here that you guys
0:51
Speaker 2: had says we trust other exchanges will adopt similar stances
0:54
Speaker 2: rather than rushington judgment ahead of the court's decision. That
0:57
Speaker 2: was something that I thought was kind of funny because
0:59
Speaker 2: we saw a lot of exchanges delisting a lot of things.
1:02
Speaker 2: And even if you look at yeah, even if you
1:04
Speaker 2: look at some of the exchanges after we saw, you know,
1:08
Speaker 2: kind of those the I'll call it the target seven.
1:11
Speaker 2: There were several tokens Salonic, Cardono Mini that pretty much
1:16
Speaker 2: got targeted. Many exchanges kind of held their line after that,
1:20
Speaker 2: so kudos to what you guys did on that scenario.
1:23
Speaker 2: First question to you is really kind of getting into
1:28
Speaker 2: your thoughts in general around rl USD and what's happening overall.
1:33
Speaker 2: I'm looking at Brad Gollinghouse's tweet right here. They've got
1:37
Speaker 2: final approval coming through. I know you guys are a
1:40
Speaker 2: launch partner. What are your thoughts right now? Do you
1:43
Speaker 2: feel like Ripple is going to be very successful with
1:45
Speaker 2: rl USD.
1:47
Speaker 3: Yeah, you know, we're super excited. I saw the news
1:49
Speaker 3: yesterday they got NYFDS approval. That's terrific. I think that's
1:53
Speaker 3: one of the cornerstones of the rl USD token. It's
1:56
Speaker 3: high regulatory standard. I think the transparency that it's going
2:00
Speaker 3: to offer with the audits will be very appealing to
2:03
Speaker 3: users as well. And I think in general, you know
2:06
Speaker 3: my prediction twenty twenty five will be the year of
2:09
Speaker 3: stable coins. I think they will be the vehicle for
2:12
Speaker 3: cross border payments. I think they are going to solve
2:15
Speaker 3: a lot of the issues that we see with traditional
2:17
Speaker 3: payments right now. Stable coins are instant, they're twenty four seven,
2:22
Speaker 3: they're borderless, they are transparent in nature across the payments,
2:28
Speaker 3: so I think they're really going to take over the space.
2:30
Speaker 3: So I think one like this I think will take
2:33
Speaker 3: off because it does have a high regulatory standard, and
2:35
Speaker 3: I do think that personally people will appreciate the transparency
2:39
Speaker 3: that they're bringing to market as.
2:41
Speaker 2: Well if you look at what there's a lot of
2:44
Speaker 2: things that are happening within the stable coin market. We'll
2:46
Speaker 2: talk about your announcements today as well, but everybody has
2:50
Speaker 2: been kind of waiting with beta breath when URLUSD would
2:56
Speaker 2: actually roll out.
2:57
Speaker 1: Is your prediction? What is your prediction?
3:00
Speaker 2: I think we'll get an RLUSD before the end of
3:02
Speaker 2: the year, or do you think this could roll into
3:03
Speaker 2: twenty twenty five.
3:04
Speaker 3: I hope so. Right we've already announced we're going to
3:07
Speaker 3: be a launch partner. I saw, you know, they just
3:10
Speaker 3: got in YFDS approval, so I'm hoping that it's coming soon.
3:13
Speaker 3: We don't have a date yet to share. We clearly
3:16
Speaker 3: have a large XRPU community and followers, so I know
3:19
Speaker 3: they're eager for this, so I'm hoping it's by the
3:21
Speaker 3: end of the year, we'll see it is.
3:23
Speaker 2: I was looking at a lot of different scenarios. If
3:26
Speaker 2: you look at just the trust lines that were on RLUSD,
3:30
Speaker 2: if I go down and pull that down, look at that,
3:32
Speaker 2: there's like fourteen thousand trust lines on this right now.
3:34
Speaker 2: So that's crazy to be design for that much demand.
3:37
Speaker 2: And this is something that I think we'll continue to
3:40
Speaker 2: see grow because the last time we looked at this,
3:44
Speaker 2: not even a week ago, it was maybe one.
3:45
Speaker 1: Third of that.
3:46
Speaker 2: So you guys will probably do very well on being
3:50
Speaker 2: able to have it on there. How many stable coins
3:52
Speaker 2: do you offer right now within Uphold.
3:55
Speaker 3: Yeah, we offer multiple stable coins. It depends on the
3:59
Speaker 3: jurisdiction and the regulatory standards that we have to meet
4:04
Speaker 3: in each of the markets, so it varies by country,
4:07
Speaker 3: by territory, and by regulation. But you know, of course
4:10
Speaker 3: we have many of the regulars to other's the USDCS,
4:14
Speaker 3: the p yus d's, the new one, the usb C
4:18
Speaker 3: and hopefully when Ripple is available and Ripple makes r
4:22
Speaker 3: l USD available, we'll have that too.
4:24
Speaker 2: Do you think there will be some benefits that users
4:27
Speaker 2: will look at the r l USD and say yeah,
4:30
Speaker 2: I'll go that route instead. Whether it's yield or availability, instance, senttlement,
4:36
Speaker 2: transparency on their holdings. What do you think is going
4:39
Speaker 2: to be kind of the draw to r l USD.
4:42
Speaker 3: I don't know. I'm thinking at the end of twenty
4:44
Speaker 3: twenty five, are we even calling them stable coins? Are
4:46
Speaker 3: they just money?
4:47
Speaker 1: Interesting?
4:48
Speaker 3: You know, I feel like, you know, those types of
4:50
Speaker 3: things that can offer additional benefits, the regulatory standard, the transparency,
4:55
Speaker 3: maybe some sort of return or earnings. I think all
4:59
Speaker 3: those things are are super attractive to users and could
5:02
Speaker 3: bring them over to prefer one over the other.
5:05
Speaker 2: Tether is getting delisted from coinbase just around the corner
5:09
Speaker 2: here on December the thirteenth, r l USD shows up
5:14
Speaker 2: on the coinbase wallet just about you know, hopefully we'll
5:17
Speaker 2: see that very soon as well. Interesting point here, do
5:20
Speaker 2: you think that Tether will get I don't say hurt,
5:24
Speaker 2: but I mean just you know, people just market share
5:26
Speaker 2: loss because there will only be liquidity is going to
5:29
Speaker 2: flow to you know, a handful of potential stable coins.
5:32
Speaker 2: Do you think Tether could potentially use or lose some
5:36
Speaker 2: market cap with our USD coming into the play.
5:39
Speaker 3: Yeah, you know, I think it's not just about one
5:43
Speaker 3: token or the other. But I think you're going to
5:45
Speaker 3: have a lot more regulatory clarity, and I think you
5:48
Speaker 3: will have tokens that have been in the market for
5:50
Speaker 3: a while that may not meet those regulations right in
5:53
Speaker 3: Europe for example, or you know, with the new regulations
5:56
Speaker 3: coming in the US. So I think those those that
6:00
Speaker 3: are coming to market that can meet the regulatory clarity
6:03
Speaker 3: and provide those users will be the winners. And I
6:07
Speaker 3: think it's going to be a higher standard than we've
6:09
Speaker 3: traditionally had in the past. So I think those that
6:12
Speaker 3: can meet that higher standard probably have a better shot
6:15
Speaker 3: of being the you know, the token that people prefer
6:19
Speaker 3: in the market.
6:20
Speaker 1: Yeah.
6:20
Speaker 2: Short answer is I think, yes, You're right. It's it's
6:22
Speaker 2: going to be a demand based on well and demand
6:26
Speaker 2: based on not only that clarity, what we're seeing in
6:29
Speaker 2: terms of reputation around the scenario of how those funds
6:34
Speaker 2: are are backed, which has been you know, kind of one.
6:36
Speaker 1: Of the knocks on tether for a while.
6:39
Speaker 2: You know, if you look at coinbase for instance, right now,
6:41
Speaker 2: if I go to coinbase, USDC is kind of the
6:44
Speaker 2: favored stable coin. There are others there that I can use,
6:49
Speaker 2: but USDC kind of the favorite.
6:51
Speaker 1: If I log.
6:51
Speaker 2: Into the Uphold app, what is going to be the
6:55
Speaker 2: favored stable coin? You know in the future, if I
6:58
Speaker 2: have USDC, r L USD in there. Yeah, I guess
7:03
Speaker 2: for ease of use, what would it look.
7:05
Speaker 1: Like for Uphold.
7:06
Speaker 3: Yeah, I think USDC is the favored coin on coinbase
7:10
Speaker 3: because they offer a return on USDC, so it's a
7:14
Speaker 3: single token, a single return on that token, so it naturally,
7:18
Speaker 3: I think gains more market share on that platform. I
7:21
Speaker 3: think if you come to our platform, you can go
7:23
Speaker 3: to our Uphold transparency page. You can see all of
7:26
Speaker 3: our assets and all of our liabilities updated every thirty seconds,
7:30
Speaker 3: and so you'll see that, you know, we reflect more
7:32
Speaker 3: of the market, right, You'll see a heavy tether, a
7:34
Speaker 3: heavy USD sort of split with some of the others
7:38
Speaker 3: kind of filling in that market share. So we're more
7:41
Speaker 3: market I guess. Related, we have announced just today that
7:46
Speaker 3: we are launching our first loyalty program. That loyalty program
7:50
Speaker 3: will let people unlock rewards on stable coins for doing
7:54
Speaker 3: everyday tasks, Deposit fifty dollars, open up the app, make
7:58
Speaker 3: a fifty dollars trade, so all of those things will
8:01
Speaker 3: allow users now to earn on multiple stable coins on Uphold,
8:06
Speaker 3: and I think you'll see the attraction around those Uphold
8:10
Speaker 3: or sorry around those stable coins really take off and
8:12
Speaker 3: you'll see them gain more market share on our platform.
8:15
Speaker 2: So in terms of that program, I know you had
8:17
Speaker 2: a lot of elements on the rewards side. What are
8:21
Speaker 2: some of the rewards that I would be expecting within the.
8:24
Speaker 3: Up Really they're meaningful rewards. Right one is earning rewards
8:28
Speaker 3: on stable coins, So you can earn five point two
8:31
Speaker 3: five percent on the USBC stable coin. You can earn
8:34
Speaker 3: five percent on PYUSD and us d C right now,
8:40
Speaker 3: and so that's best rates in the market, and it's choice.
8:43
Speaker 3: The market can choose which of those tokens they want
8:46
Speaker 3: to participate in and earn those high, high rewards. The
8:50
Speaker 3: second reward I think people are going to be super
8:52
Speaker 3: excited about is twenty four hour early access to every
8:56
Speaker 3: new token we list on Uphold, so it will give
9:00
Speaker 3: people a first mover advantage, which we know is really
9:03
Speaker 3: important and highly valued especially by our community. And then
9:06
Speaker 3: the third reward you can unlock right now is special
9:09
Speaker 3: token reports, so blockchain reports, project reports, token reports, insights,
9:14
Speaker 3: market reports, so that you can be a better and
9:17
Speaker 3: more informed participant. We'll change these rewards, we'll add to them,
9:21
Speaker 3: we'll grow them, we'll add new ones as our users
9:23
Speaker 3: give us feedback and we can see what else that
9:26
Speaker 3: they're looking for. But we'll keep the program.
9:28
Speaker 1: Going, all right.
9:29
Speaker 2: So I can't imagine that URLUSD would not be in
9:32
Speaker 2: those kinds of rewards list when it becomes available.
9:36
Speaker 1: Can you confirm that?
9:38
Speaker 3: I hope. So I think we got to get it
9:39
Speaker 3: launched first. So we're waiting on a launch date and
9:41
Speaker 3: then we can take it from there.
9:43
Speaker 2: Okay, all right, So I want to take that as
9:46
Speaker 2: a good Maybe.
9:49
Speaker 3: We know our community would love it, right, We have
9:51
Speaker 3: a lot of users, so we listen to the community.
9:54
Speaker 2: Well, there you go, all right, So let's get into
9:56
Speaker 2: a couple other things. One of the things that I'm
9:59
Speaker 2: looking at is if you look at robinhood, Robinhood, you
10:03
Speaker 2: look at coinbase, many people are kind of chasing that
10:06
Speaker 2: yield on Coinbase. You've got to convert cash to USDC robinhood,
10:11
Speaker 2: I can still retain some earnings there. What is the
10:14
Speaker 2: likelihood of that working? And is there a different model
10:18
Speaker 2: for yield structures for uphold especially with cash USDC, etc.
10:24
Speaker 2: Playing out within your platform.
10:27
Speaker 3: Passive income and earning on your digital assets or your
10:31
Speaker 3: USD is a high priority, right We're all trying to
10:34
Speaker 3: maximize our earnings and you know our financial stake that
10:38
Speaker 3: we have. So there's two things you can earn on
10:41
Speaker 3: USD right now. At Uphold, we have a high interest
10:45
Speaker 3: USD account. You can deposit USD and you can earn
10:48
Speaker 3: four point six percent. You can use that USD to
10:52
Speaker 3: immediately trade from our anything to anything. You can go
10:56
Speaker 3: back and forth from that account to buy digital assets
10:59
Speaker 3: or sell digital assets back into that account. Now with
11:02
Speaker 3: the addition of the new rewards program where you can
11:05
Speaker 3: earn rewards on stable coins as well. Now we're letting
11:09
Speaker 3: people earn on their USD and now letting people earn
11:12
Speaker 3: on their digital assets. But we know it's a high
11:15
Speaker 3: priority for our users, so we're looking to see how
11:18
Speaker 3: can they earn it every turn.
11:19
Speaker 2: Yeah, I think that you look at the market. I
11:21
Speaker 2: was looking at this statement from Jerrymae Lair breaking their
11:26
Speaker 2: news that you know, Circle was launching on finance, and
11:29
Speaker 2: the point is is that there's a lot of competition
11:31
Speaker 2: right now, so it becomes one of those scenarios. That's
11:35
Speaker 2: very positive for the consumer, for the trader that is
11:38
Speaker 2: going to be able to get all this.
11:39
Speaker 1: So I definitely love that.
11:40
Speaker 2: And I think you know your statement of what you
11:43
Speaker 2: announced right here, you know, on all these new benefits,
11:46
Speaker 2: I think this is going to kind of level you
11:47
Speaker 2: guys up in terms of one of the go tos
11:49
Speaker 2: out there. What else are you guys looking at when
11:53
Speaker 2: you think about the roadmap for Uphold and what you're
11:56
Speaker 2: hearing from your users.
11:58
Speaker 1: You know, I play with the app, is it all?
12:01
Speaker 2: You know, mostly on a testing purpose right now to
12:04
Speaker 2: try to understand really kind of the functionality of it.
12:08
Speaker 2: Anything that you could share that might be coming down.
12:10
Speaker 1: The road for Uphold.
12:11
Speaker 3: Yeah, well, first we have to change that pall. That
12:13
Speaker 3: has to be your go to. You know, I think
12:16
Speaker 3: there's so many things for people to be able to do.
12:20
Speaker 3: I think we have unique features not offered elsewhere. We have,
12:24
Speaker 3: you know, more tokens. We typically list tokens first in
12:28
Speaker 3: the US before other exchanges. We also have earnings on
12:32
Speaker 3: USD in this high Interest Savings account. We now have
12:36
Speaker 3: rewards on stable coins. You can now have twenty four
12:39
Speaker 3: hour early access to anything we list and since we
12:43
Speaker 3: typically list first that's giving you an even bigger first
12:46
Speaker 3: mover advantage. And then we have other things, you know,
12:50
Speaker 3: like trailing stop loss that you don't see elsewhere where
12:52
Speaker 3: you can put in what percent you want to feel comfortable,
12:56
Speaker 3: so that you're maybe not watching the market every minute,
12:59
Speaker 3: but you're protecting your financial assets. We have a lot
13:01
Speaker 3: of those tools as well, So, you know, I think
13:04
Speaker 3: there's a lot of advantages that we have that we
13:07
Speaker 3: bring to market. That's on top of our transparency, the
13:10
Speaker 3: fact that we never loan our customer money, and that
13:13
Speaker 3: we publish all of our assets and liabilities every thirty
13:16
Speaker 3: seconds on our website for people to see. So I
13:18
Speaker 3: think all those are advantages. I think, you know, as
13:21
Speaker 3: the market opens up in twenty twenty five, we're already
13:24
Speaker 3: seeing that now right since November, it's and an explosion
13:27
Speaker 3: of both re engagement of users coming and doing more
13:31
Speaker 3: on the platform, but even new users to the platform.
13:34
Speaker 3: So I think there's going to be a whole new
13:36
Speaker 3: crop of users that are interested in getting involved in crypto,
13:40
Speaker 3: that want to understand how do they do it, how
13:43
Speaker 3: easy can we make it, where do they start? They're
13:46
Speaker 3: going to want secure you know, security around their assets.
13:50
Speaker 3: These are people who are financially educated, but maybe they
13:52
Speaker 3: haven't been in the crypto game for a while. So
13:55
Speaker 3: right now we're looking at all those opportunities and I
13:57
Speaker 3: think you'll see us take advantage of a more in
14:00
Speaker 3: one as well, especially as we grow the rewards program too.
14:03
Speaker 2: I was looking at your Topper product. Explain to me
14:07
Speaker 2: a little bit for our audience to what Topper is,
14:10
Speaker 2: how it works.
14:10
Speaker 1: Give me the insights.
14:12
Speaker 3: Yeah, Topper is a great product. So what Topper is
14:15
Speaker 3: is a way to buy and now sell, as of
14:18
Speaker 3: two weeks ago, crypto assets using your credit and debit card.
14:23
Speaker 3: So you can put in that you want to buy
14:25
Speaker 3: XRP into the platform here at topperpay dot com. You
14:29
Speaker 3: can use a credit card, you can use a debit card,
14:32
Speaker 3: and then you can send those assets to a self
14:35
Speaker 3: custodial wallet or any wallet. So you're buying here, you're
14:39
Speaker 3: sending it to your own wallet. Same with the sell.
14:41
Speaker 3: You can bring assets in, you can sell assets, and
14:44
Speaker 3: then you can put that money on a VS or
14:46
Speaker 3: MasterCard debit card. So you know, it's an easy way
14:50
Speaker 3: to buy and sell those assets, especially if you're somebody
14:53
Speaker 3: that has your own wallets. When we look at the
14:56
Speaker 3: market for topper pay, it's really that you know, I'll
14:59
Speaker 3: say self custod wallet holder that wants to easily get
15:02
Speaker 3: in and out of assets. So we have more assets
15:05
Speaker 3: than anyone, five times more assets than anyone on and
15:08
Speaker 3: on our off ramp, so they can come in and
15:10
Speaker 3: buy and sell their assets. When we look at the
15:13
Speaker 3: market for that, we can see that there's very little
15:15
Speaker 3: overlap with those that are coming to Uphold, so less
15:18
Speaker 3: than three percent overlap in customers between serving the market
15:22
Speaker 3: that already has a wallet that just needs a way
15:25
Speaker 3: to buy and sell crypto, or serving a market that
15:27
Speaker 3: wants the convenience of a centralized exchange where we custodian
15:31
Speaker 3: their assets. So now we can reach both of these
15:35
Speaker 3: audiences with both of our offerings.
15:37
Speaker 2: Meme tokens have been on the front of the news
15:39
Speaker 2: for almost every platform out there. XRP is starting to
15:44
Speaker 2: just now see a little bit of activity for meme tokens.
15:48
Speaker 2: Is it likely that we could see meme tokens listed
15:51
Speaker 2: available and available on Uphold for xrps in the field.
15:55
Speaker 3: So we have listed meme tokens, right, I mean, anybody
15:57
Speaker 3: that's been to the app this week sees that the
16:00
Speaker 3: happy token is on a countdown, we'll be available this week.
16:03
Speaker 3: You know, we have a listing process, so we look
16:05
Speaker 3: at all the tokens in the market. People can bring
16:07
Speaker 3: us tokens. We scour the market for tokens. Roughly about
16:11
Speaker 3: thirty percent of the tokens we look at actually get
16:14
Speaker 3: approved to be listed. You know, we look and due
16:18
Speaker 3: diligence on the project, on the marketing, on you know,
16:21
Speaker 3: what they're promising and not promising in the market, and
16:24
Speaker 3: so we'll go through that in our listing committee and
16:27
Speaker 3: then we'll prove them for listing. So you know, I
16:29
Speaker 3: would I would say those tokens should, you know, reach
16:32
Speaker 3: out to us so that we can start the due
16:34
Speaker 3: diligence and you know, bring them to our customers.
16:37
Speaker 2: As far as you know security, because this is something
16:39
Speaker 2: that a lot of our audience asks all the time.
16:42
Speaker 1: What's the best exchange?
16:45
Speaker 2: Everybody that was in the last bull run, you know,
16:49
Speaker 2: they went through the scenarios we'll talk about in a second,
16:51
Speaker 2: but there were some exchanges out there that ran into problems.
16:54
Speaker 2: You know, trading was halted, there was all kind of
16:58
Speaker 2: interesting moves within the market and I'm wondering if that's
17:03
Speaker 2: going to happen now. So when I talk about Uphold,
17:06
Speaker 2: are you guys a US based company, how is your
17:09
Speaker 2: structure set up, where your licensures set up right now?
17:13
Speaker 3: Yeah, So we have entities globally. We do have a
17:17
Speaker 3: US based company, an HQ company. We also have a
17:20
Speaker 3: company that is in the UK. We have licenses that
17:26
Speaker 3: we are looking at. We have MTLs in the United States.
17:29
Speaker 3: We have one of the few FCA licenses in the UK.
17:34
Speaker 3: We have said that we're in the pre registration process.
17:37
Speaker 3: In Canada. We also have entities you know in the Caribbean.
17:43
Speaker 3: We are looking at the new MEKA legislation and regulatory
17:49
Speaker 3: requirements as well for Europe. So if there are licenses
17:53
Speaker 3: to be had and there are regulations to follow, you
17:57
Speaker 3: will find that we do that right in our ten
18:00
Speaker 3: your history. We are working to be as compliant as
18:03
Speaker 3: possible and that's why I think, you know, for the
18:05
Speaker 3: US specifically, we're looking forward to the clarity around the
18:08
Speaker 3: regulations because that will allow us to do and grow
18:13
Speaker 3: business here even further. So we have entities globally. We
18:17
Speaker 3: have business globally, and we try to get as all
18:21
Speaker 3: the licenses and be as regulatory compliant as possible.
18:24
Speaker 1: So you're trying to sell this to new users.
18:28
Speaker 2: I'm just thinking somebody that's watching this right now, if
18:31
Speaker 2: they haven't purchased any crypto, they're thinking about jumping into
18:33
Speaker 2: the market, and they're looking at the available exchanges out there.
18:37
Speaker 2: Coinbase is going to be one, Robinhood is going to
18:39
Speaker 2: be one, Uphold is going to be one. What would
18:42
Speaker 2: be the core for Uphold to get that user for
18:45
Speaker 2: the very first time? If you're talking to one of
18:47
Speaker 2: our audience right now.
18:49
Speaker 3: Yeah, it's interesting, and I would tell you. I've had
18:52
Speaker 3: more friends reach out to me about getting started in crypto,
18:56
Speaker 3: and I'll tell you what they tell me. One is
18:59
Speaker 3: transparency and security. So how do they know where are
19:03
Speaker 3: the funds? How are the funds used? I always share
19:07
Speaker 3: with them how we promote transparency. Every thirty seconds, it's updated.
19:12
Speaker 3: I always promote to them that we never lend out
19:15
Speaker 3: customer funds. I also talk to them about we're unique
19:20
Speaker 3: in that we are not in exchange, but we are
19:23
Speaker 3: tied to thirty different trading venues, so it's almost that
19:28
Speaker 3: you can come to us and we can shop the markets.
19:30
Speaker 3: So you don't have to, because the idea that you
19:33
Speaker 3: have to have multiple wallets to get the best price
19:36
Speaker 3: across multiple exchanges can be very complex and tedious for
19:41
Speaker 3: somebody new in the market. So let us do the
19:43
Speaker 3: shop being for you. Right, you come to us and
19:45
Speaker 3: we shop across thirty venues. I think we have the
19:48
Speaker 3: most tokens, so whether you want to start in the majors,
19:51
Speaker 3: but then you can gradually, just like you do maybe
19:54
Speaker 3: your own portfolio you can graduate out to. Maybe you're
19:58
Speaker 3: interested in mean coins in that community, maybe you're interested
20:00
Speaker 3: in fintech or financial enterprise tokens. We have the most
20:05
Speaker 3: that you can do that, and I think we have
20:07
Speaker 3: the tools that make it easy, right recurring buys, trailing,
20:10
Speaker 3: stop loss, take profit, so you can get in and
20:13
Speaker 3: feel really comfortable about where you're putting your dollars. And
20:18
Speaker 3: then lastly, with the rewards and our high USD savings
20:21
Speaker 3: account high earnings, you can earn on those assets all
20:25
Speaker 3: day long without doing anything, and that's really appealing, I
20:29
Speaker 3: think to this new market.
20:30
Speaker 2: Coinbase was even hit with a community note on the
20:33
Speaker 2: situation where there were problems with people being able to
20:37
Speaker 2: withdraw funds and it was pretty straightforward. We had people
20:41
Speaker 2: that you know, were even in our comments saying yeah,
20:43
Speaker 2: that happened to me. Screenshots we've seen all throughout Twitter.
20:46
Speaker 1: So my question to you is, is Uphold.
20:49
Speaker 2: Prepared for a bull market, you know, continuation here, possibly
20:55
Speaker 2: a blowoff top on all coins that could really accelerate
20:58
Speaker 2: over the next six months.
21:00
Speaker 1: And if you are, have you.
21:02
Speaker 2: Guys ever been in a situation where you've had to
21:04
Speaker 2: halt you know, halt withdrawals, situations on actual trading, any
21:09
Speaker 2: of those kind of scenarios fall into what you guys
21:12
Speaker 2: have dealt with here in the last.
21:14
Speaker 3: Yeah, I mean those situations for us really haven't been
21:17
Speaker 3: attributed to a run on new users and new people
21:23
Speaker 3: coming in and users reactivating. I think what we've seen
21:27
Speaker 3: a lot since November is twofold. Right. We've seen a
21:30
Speaker 3: lot of new users into our into our wallet. Right.
21:35
Speaker 3: We see a lot of people getting interested in crypto
21:38
Speaker 3: right now. Right, the regime is super favorable, the markets
21:43
Speaker 3: super favorable, Bitcoin all time highs, so we see a
21:46
Speaker 3: flood of people coming in. I think what that does
21:49
Speaker 3: is your front end processes have to be in place, right,
21:52
Speaker 3: because you have to process all these people coming in
21:55
Speaker 3: and you know, it's it's sort of like opening a
21:57
Speaker 3: bank account, right, you have to have an ID, you
21:59
Speaker 3: have to go through or KYC process. So I think
22:02
Speaker 3: the process is piece we have been good at and
22:05
Speaker 3: we have seen no issues on the funnel coming in.
22:09
Speaker 3: It's also activated a lot of customers that maybe had
22:12
Speaker 3: been very active in the twenty one bowl market but
22:15
Speaker 3: then had been maybe on the sidelines a little bit
22:17
Speaker 3: for the last year or so, and so they've come
22:20
Speaker 3: back into the process, right, and now people are looking
22:23
Speaker 3: for passwords and looking to reset there to FA and
22:26
Speaker 3: all those types of things. So I think it's even
22:28
Speaker 3: just reigniting your base as well. And so we've been
22:31
Speaker 3: working through those tickets with them. But now we're in
22:34
Speaker 3: a really good place and both are running on all cylinders.
22:38
Speaker 2: Well, it's good to hear, I mean, I think that's
22:40
Speaker 2: going to be a big factor. I think especially for
22:43
Speaker 2: like you mentioned, people that were around kind of during
22:46
Speaker 2: the bear market. We're maybe actively or lightly trading, and
22:50
Speaker 2: now they're starting to really step it up, which is
22:52
Speaker 2: what we're seeing a lot right now, just with the
22:54
Speaker 2: explosion of our own audience. Of course, for everybody that
22:58
Speaker 2: has kind of seen that you know, we always love
23:00
Speaker 2: to get your comments, by the way, so if you
23:02
Speaker 2: have questions for Uphold, drop them down in the comments.
23:06
Speaker 2: We'll try to ask as many or get as many
23:08
Speaker 2: answers as we can on those as well. A couple
23:10
Speaker 2: of the questions I have for you, and this is
23:12
Speaker 2: in reference I was looking at one of your support pages.
23:15
Speaker 2: This is in reference on your withdrawals for cryptocurrency. So
23:18
Speaker 2: there are fees right now, you have a nine you know,
23:20
Speaker 2: it's basically a buck per network, apparently based on which
23:24
Speaker 2: network you choose. But the point I'm getting at, do
23:27
Speaker 2: you think we'll get to a point where, like with
23:31
Speaker 2: coinbase and using USDC on Base, it's free to move around?
23:37
Speaker 2: Is there a possibility that we might see that with
23:40
Speaker 2: some of these stable coins, including Circle USDC and maybe
23:44
Speaker 2: even rl USD coming out of Uphold.
23:48
Speaker 3: Yeah, it's possible. I think we're very market led now.
23:52
Speaker 3: It's no easy feat to integrate a number of blockchains,
23:56
Speaker 3: right we have over thirty blockchains that were integrated into
24:00
Speaker 3: each one is an effort, so you know, it's not
24:03
Speaker 3: without investment on our part to make it easy for
24:06
Speaker 3: all of these digital assets to move around. But I
24:09
Speaker 3: think with stable coins specifically, I think they are going
24:12
Speaker 3: to be so fluid that you know, you could see
24:15
Speaker 3: us and others really looking at how do we how
24:17
Speaker 3: do we remove all friction from doing that? So I
24:20
Speaker 3: think that could be a possibility for sure.
24:23
Speaker 1: Okay, I like that, good news. Last thing I have.
24:26
Speaker 2: I have two questions for you, and this is mostly
24:28
Speaker 2: on products that we as researchers and analysts and media
24:33
Speaker 2: are always being asked about. Two of the biggest ones.
24:36
Speaker 2: One of is always credit cards and how that's going
24:39
Speaker 2: to work with an exchange account, a trading account, a
24:43
Speaker 2: depository account, et cetera. Robinhood seems to have kind of
24:48
Speaker 2: the ace in the hole right now with their Gold card,
24:51
Speaker 2: but the knock on that is they haven't rolled it
24:53
Speaker 2: out very fast. It's very limited on it going out
24:56
Speaker 2: to users. But it's got some really great benefits, very
24:59
Speaker 2: similar to what you guys are doing all loyalty rewards.
25:02
Speaker 2: Are you guys planning anything around a credit card potential
25:05
Speaker 2: in the future.
25:07
Speaker 3: Yeah, So, One, we have a debit card already in
25:10
Speaker 3: the UK. We had a debit card in the US,
25:14
Speaker 3: but we needed to change providers, so we are we
25:19
Speaker 3: still value that. I think the market values that we
25:21
Speaker 3: would like to have it. So I think it is
25:24
Speaker 3: a priority for us to try to get something out
25:27
Speaker 3: in the US market. I think that relates to the
25:30
Speaker 3: larger sort of almost like crypto neo bank financial abilities
25:37
Speaker 3: that people are looking for, you know. I think it's
25:40
Speaker 3: you combination of that plus the high interest savings account,
25:45
Speaker 3: plus the ability to direct deposit your paycheck, plus the
25:48
Speaker 3: ability to use your crypto to you know, pay bills
25:52
Speaker 3: or DCA into you know, crypto directly from your paycheck.
25:56
Speaker 3: I think all those things the way that we use
25:59
Speaker 3: money today will want to use with digital assets. So
26:03
Speaker 3: I think all those things we are big fans of,
26:06
Speaker 3: and we've started with a few of those products, but
26:08
Speaker 3: we'll definitely be bringing out more.
26:10
Speaker 2: Okay, all right, And then have you heard of payroll
26:14
Speaker 2: services starting to go into a scenario where crypto could
26:18
Speaker 2: be utilized as an ad I mean, I've seen a
26:21
Speaker 2: handful of them that we've started to see out there,
26:24
Speaker 2: But if you look at Gusto or ADT, some of
26:26
Speaker 2: the big payroll services out there, a lot of this
26:30
Speaker 2: could like you mentioned, you know, the ability to take
26:32
Speaker 2: direct deposits. Do some sort of investing strategy around that.
26:36
Speaker 2: Anything like that that you think could be in the
26:38
Speaker 2: cards for companies like Uphold.
26:40
Speaker 3: I think it should be right. We have an entire
26:43
Speaker 3: enterprise business that has a full suite of APIs that
26:46
Speaker 3: are connected to our platform. So payroll companies should be
26:50
Speaker 3: looking at that. They should be connecting directly into our
26:53
Speaker 3: APIs and being able to give their recipients a choice
26:57
Speaker 3: because it's difficult, right, It's difficult to have a US
27:01
Speaker 3: based company and you might have a freelancer in Argentina.
27:05
Speaker 3: You might have somebody that works overseas. It is difficult
27:08
Speaker 3: to pay that person. And so I think, you know,
27:11
Speaker 3: again back to solving real world needs, the idea that
27:15
Speaker 3: you could pay them in stable coins instantly, no borders
27:19
Speaker 3: right twenty four to seven and transparency transparently. I think,
27:24
Speaker 3: you know, resonates really well with anybody, whether it's a
27:28
Speaker 3: gig economy worker or it is somebody on your full
27:31
Speaker 3: time payroll that wants to be paid in cryptocurrency and
27:34
Speaker 3: we can enable that for payment and payroll companies.
27:37
Speaker 2: Well, excellent, Well we got to get Gusto to do
27:40
Speaker 2: something here in the US, because that's yeah, that's a
27:42
Speaker 2: big one. I think they're very forward thinking It's been
27:45
Speaker 2: one of the few that I've seen that might try
27:47
Speaker 2: something like that, so we're always interested in this cycle.
27:50
Speaker 2: We've started to see a lot more neo utilities from
27:54
Speaker 2: whether it's payroll, credit cards, a lot of the banking solutions,
27:58
Speaker 2: loyalty and rewards that really starting to play into that.
28:01
Speaker 2: Seems like you guys are on the front of that
28:02
Speaker 2: as well. So, Nancy, it was great having you on today.
28:06
Speaker 2: Thank you so much for coming in. We appreciate it.
28:08
Speaker 3: It was great to talk to you again, Paul, look
28:10
Speaker 3: forward to the next one.
28:11
Speaker 1: You bet all right, excellent.
28:13
Speaker 2: So you guys, if you're not in our Diamond Circle,
28:15
Speaker 2: make sure and jump in on that right now. It's
28:16
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28:19
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28:23
Speaker 2: can do by just clicking the link down below and joining.
28:25
Speaker 2: It's free, and of course reaching me out there on
28:28
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28:30
Speaker 2: here on tech Path