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Transcript

Uphold Replacing Your Bank?⚫XRP Las Vegas · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Welcome back to another episode of the XRP Pod. Today
• 0:03
  Speaker 1: we're going to be diving into what's new with Uphold
• 0:05
  Speaker 1: and joining me of course is mister Paula and Murke.
• 0:07
  Speaker 2: How are you doing well?
• 0:09
  Speaker 3: How are you doing all right?
• 0:10
  Speaker 1: So a lot happening here at the event. We started
• 0:14
  Speaker 1: talking to Uphold a little bit yesterday. Do you guys
• 0:16
  Speaker 1: have something new? They were telling us, yes, we have something,
• 0:20
  Speaker 1: So we're going to open it up.
• 0:22
  Speaker 2: Let's get into it. What is the newest thing happening
• 0:24
  Speaker 2: with Uphold.
• 0:25
  Speaker 3: So we are always looking for ways to allow people
• 0:28
  Speaker 3: to get more value from their XRP in daily life.
• 0:32
  Speaker 3: We have our debit card. You can earn XRP by
• 0:34
  Speaker 3: just using the debit card. We've launched a few new
• 0:37
  Speaker 3: features inside the app, and we're coming out with some
• 0:41
  Speaker 3: new features as we speak. So the first one that
• 0:44
  Speaker 3: we've launched is what we call auto invests. Okay, we've
• 0:47
  Speaker 3: had our direct deposit where you can direct deposit into
• 0:49
  Speaker 3: the app, but customer said, hey, that's great, but I
• 0:52
  Speaker 3: don't want to hold FIACHT, I want to hold XRP,
• 0:55
  Speaker 3: I want to hold stable coins, I want to hold
• 0:57
  Speaker 3: our OUSD. So we made it easy now to take
• 1:00
  Speaker 3: paycheck put it directly into those assets, and you can
• 1:03
  Speaker 3: just say, hey, I want fifty percent to go into RLUSD,
• 1:07
  Speaker 3: I want forty percent to go into XRP, and just
• 1:10
  Speaker 3: every time you get paid, you get paid in crypto basically.
• 1:13
  Speaker 3: Now you earn rewards on that of course, so as
• 1:16
  Speaker 3: you put in your direct deposit, as you do your
• 1:19
  Speaker 3: auto invest you can earn up to four percent back
• 1:21
  Speaker 3: in XRP.
• 1:22
  Speaker 1: All right, So four percent back on a direct deposit,
• 1:25
  Speaker 1: that's the bonus you can use there. If you have
• 1:27
  Speaker 1: the XRP debit card, you can use that of course,
• 1:30
  Speaker 1: that's right as well.
• 1:31
  Speaker 2: And get XRP YEP back on spending there.
• 1:34
  Speaker 1: How long does that last for though, Paul, I have
• 1:36
  Speaker 1: a lot of people that ask that question, Yeah, how
• 1:39
  Speaker 1: long does that work?
• 1:39
  Speaker 3: Yeah? So for the debit card we have, it's an
• 1:42
  Speaker 3: ongoing promotion. Like you, you could continue to use it.
• 1:46
  Speaker 3: We we will continue to renew that promotion, okay, and
• 1:48
  Speaker 3: we adjust rates based on what we see in the market,
• 1:51
  Speaker 3: how we see people using it.
• 1:53
  Speaker 2: Okay.
• 1:53
  Speaker 3: We also have earn on RLUSD, so that is also
• 1:57
  Speaker 3: a program that we're running where you can hold r
• 2:01
  Speaker 3: l USD on the platform and you get a yield
• 2:04
  Speaker 3: on that.
• 2:05
  Speaker 2: What's the yield grade right now?
• 2:06
  Speaker 3: I would have to check. I believe it's four point
• 2:09
  Speaker 3: five percent.
• 2:09
  Speaker 2: Oh on r L U s D. So holding r
• 2:12
  Speaker 2: L e O s D Yep.
• 2:13
  Speaker 1: I've got my regular credit card yep, where I get points.
• 2:17
  Speaker 1: You guys have a new credit card coming.
• 2:19
  Speaker 3: Yes, so all right, you have your regular debit card
• 2:22
  Speaker 3: where you're spending your crypto. You're you're spending your l USC.
• 2:25
  Speaker 3: I get paid and I put it into r L USD.
• 2:26
  Speaker 3: I can spend that. But customers came to us to say, hey,
• 2:30
  Speaker 3: I actually want a credit card where it's not spending
• 2:33
  Speaker 3: my assets. Because you want your assets to grow in value,
• 2:37
  Speaker 3: you don't want to have to spend them. So we've
• 2:39
  Speaker 3: embedded a product that we call Instinct Credit that's powered
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  Speaker 3: by a decentralized protocol.
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  Speaker 2: Interesting.
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  Speaker 3: The way that that works is that you can go in,
• 2:50
  Speaker 3: there's no credit check, there's no annual fee. Okay, you say,
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  Speaker 3: I want to pledge my assets. We started with USCC,
• 2:57
  Speaker 3: Bitcoin and ethereum, and that sets your credit limit. So
• 3:00
  Speaker 3: your credit limit is based on how much of your
• 3:03
  Speaker 3: assets you put into the program. Okay, once you have
• 3:07
  Speaker 3: that using the credit card. Swiping the credit card basically
• 3:11
  Speaker 3: opens up a loan, and that loan you can pay
• 3:14
  Speaker 3: back every twenty eight days either the full value interest
• 3:19
  Speaker 3: only and roll it forward and you can pay it
• 3:21
  Speaker 3: back with your FIAT. You can pay it back with
• 3:24
  Speaker 3: stable coins that you hold, or any assets. But the
• 3:28
  Speaker 3: goal is not to sell your crypto. So we launched that.
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  Speaker 2: We've been testing it.
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  Speaker 3: With bitcoin, etheryum in USCC. But of course everyone wants XRP.
• 3:37
  Speaker 2: So how does that work under the hood?
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  Speaker 1: Is this an asset based loan? I mean, if you
• 3:43
  Speaker 1: go over there are other platforms out there doing this.
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  Speaker 1: Is that kind of what you guys are doing. Are
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  Speaker 1: you working with any specific loan companies to be able
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  Speaker 1: to execute on that backside?
• 3:54
  Speaker 3: No, So this is all working with a decentralized protocol
• 3:58
  Speaker 3: to be able to facilitate this lending. There is no
• 4:01
  Speaker 3: centralized entity here that is underwriting the loans. Now users,
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  Speaker 3: because it's a decentralized protocol, can actually put their USDC
• 4:10
  Speaker 3: and earn a yield on their USDC as people take
• 4:13
  Speaker 3: out these loans. Because ultimately credit card companies only speak
• 4:17
  Speaker 3: in FIAT, and USDC is our bridge to there now
• 4:20
  Speaker 3: looking at what we can do with RLUSC there too.
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  Speaker 3: But the big change that we're announcing is you can
• 4:26
  Speaker 3: now use your XRP as the backing for these loans,
• 4:30
  Speaker 3: so it makes it like a secured credit card. Basically,
• 4:34
  Speaker 3: your credit limit is set by the XRP that you hold,
• 4:37
  Speaker 3: and it's very attractive rates when you're borrowing this. Right now,
• 4:41
  Speaker 3: I believe the highest rate that you'll pay is five percent.
• 4:44
  Speaker 3: There's very few credit programs they percent saying yeah.
• 4:48
  Speaker 1: Okay, so you're holding we'll go with a big holder.
• 4:51
  Speaker 1: They're holding one hundred thousand dollars in XRP. They deposit
• 4:54
  Speaker 1: that on the uphold platform.
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  Speaker 3: That's right.
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  Speaker 1: They want their credit card, you'll get that, no credit check,
• 4:59
  Speaker 1: right because a shared credit card.
• 5:01
  Speaker 2: That's right. Then, how does that work with the credit payments?
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  Speaker 1: So I can I want to pay it back in
• 5:07
  Speaker 1: USD or some stable coin so it's not affecting my asset,
• 5:10
  Speaker 1: that's right? Can I automate that?
• 5:12
  Speaker 2: You can?
• 5:13
  Speaker 3: You can just set your payments for those loans inside
• 5:16
  Speaker 3: the uphold out any of your funding sources, perfect, so
• 5:19
  Speaker 3: stable coins, USD, any other assets that you may want
• 5:23
  Speaker 3: to lock in a gain on and sell external banks.
• 5:26
  Speaker 3: So sorry external banks, external banks, Yes, exactly. You can
• 5:30
  Speaker 3: pull in FIAT from your external bank accounts.
• 5:32
  Speaker 2: This is fantastic, What a great product.
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  Speaker 3: Yeah, I mean I'm really excited about it because one,
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  Speaker 3: it gives you more utility on your XRP. Right, and
• 5:39
  Speaker 3: your XRP is going to be in the background, it's
• 5:42
  Speaker 3: locked in a bolt, it's sitting there, it's moving with
• 5:45
  Speaker 3: the market, yep. But you're using your FIAT, you're using
• 5:48
  Speaker 3: your income sources.
• 5:50
  Speaker 1: Yeah, you're making and you're making your crypto investments work exactly,
• 5:54
  Speaker 1: which is impressive because this is a problem right now.
• 5:57
  Speaker 1: On traditional credit cards, as you know, you are paying
• 6:00
  Speaker 1: a significant amount on interest if you do anything longer
• 6:05
  Speaker 1: than the thirty day route you're dealing with that does
• 6:09
  Speaker 1: the loan expire every thirty or how does the loan rotate?
• 6:12
  Speaker 3: So when you swipe the card, before you swipe it,
• 6:14
  Speaker 3: you can set how many payments you want to break
• 6:17
  Speaker 3: that loan into, so up to eight payments. There's a
• 6:20
  Speaker 3: payment due every twenty eight days, and you can choose
• 6:23
  Speaker 3: to just pay the interest. So I'm going to say, hey,
• 6:26
  Speaker 3: I'm just gonna pay the interest.
• 6:27
  Speaker 2: Great for like big purchases.
• 6:29
  Speaker 3: It would be great for big purchases. But what we
• 6:32
  Speaker 3: see actually people really use it for traveling. They're using
• 6:35
  Speaker 3: it for Airbnb, and because it's a Visa signature card,
• 6:39
  Speaker 3: you get all of the benefits of Visa Signature that
• 6:41
  Speaker 3: you get a concierge, you get lounge access, things like
• 6:44
  Speaker 3: that that Visa Signature offers.
• 6:46
  Speaker 2: All right, I got to order my XRP or excuse me,
• 6:48
  Speaker 2: my uphold credit card. Now to yep this one going.
• 6:51
  Speaker 3: You could just open the upple map choose instant credit.
• 6:54
  Speaker 2: It's there. It's available in most states, most states.
• 6:57
  Speaker 1: Okay, all right, so that's happening right now. You look
• 7:00
  Speaker 1: at the roadmap for UPO, you guys continue to drop
• 7:05
  Speaker 1: product after product. Okay, so kudos to you for doing
• 7:08
  Speaker 1: so much for the ecosystem. Is there something that you
• 7:12
  Speaker 1: feel is missing for the industry right now that needs
• 7:15
  Speaker 1: to be addressed.
• 7:16
  Speaker 3: Yes, And you know, I keep our teams busy and
• 7:20
  Speaker 3: our community comes to us a lot with Hey, I
• 7:22
  Speaker 3: would love to do this or I would love a
• 7:24
  Speaker 3: capability of it. So one of the things that people
• 7:26
  Speaker 3: have been asking us for a long time is I
• 7:29
  Speaker 3: want to be able to bridge my XRP to Flare.
• 7:32
  Speaker 3: So we are working with Flair to set up the
• 7:35
  Speaker 3: infrastructure to allow you to do that. But once your
• 7:38
  Speaker 3: XRP is on Flare, we can then deploy that to
• 7:41
  Speaker 3: different protocols that are running there. So it's the best
• 7:45
  Speaker 3: of both worlds. You're getting your XRP in a secure
• 7:48
  Speaker 3: blockchain and you're using DeFi.
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  Speaker 2: Is it minting direct from you?
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  Speaker 1: Will?
• 7:54
  Speaker 3: We will have direct bridging to mint f XRP on
• 7:58
  Speaker 3: that and you can then deploy it to innovative protocols
• 8:01
  Speaker 3: like Firelight, things that are coming out that give people
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  Speaker 3: access to financial tools that they never had access.
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  Speaker 1: Absolutely. I talked to Hugo yesterday. He started to mention
• 8:11
  Speaker 1: this and I was like, who are you talking about that?
• 8:13
  Speaker 1: This is getting ready to happen with So now I know, Yes,
• 8:16
  Speaker 1: what does that roadmap look like in terms of timeline?
• 8:18
  Speaker 2: What do you think this summer? Yeah?
• 8:20
  Speaker 3: Definitely this summer. Okay, So we were working with Flair team.
• 8:23
  Speaker 3: They have a lot of security infrastructure to make sure
• 8:26
  Speaker 3: that all of the maintaing, all of the redemption is
• 8:29
  Speaker 3: within the blockchains and all the testations that have to
• 8:32
  Speaker 3: happen on xrfl transition over of course has a big
• 8:37
  Speaker 3: robust security program too, so making sure that you have
• 8:41
  Speaker 3: as little risk as possible. When you're bridging to Flare,
• 8:45
  Speaker 3: then it's integrating all of the different things you can
• 8:48
  Speaker 3: do on FLAIR. So it's going to be constantly dropping.
• 8:51
  Speaker 3: As new capabilities come to Flair, as new capabilities come
• 8:54
  Speaker 3: to the XRFL, we will always be adding new functionality.
• 8:58
  Speaker 1: People ask this a lot in our comments, and it's
• 9:02
  Speaker 1: a little bit confusing to even me, especially on many
• 9:06
  Speaker 1: of these new financial products.
• 9:08
  Speaker 2: What is FDIC protected today?
• 9:11
  Speaker 3: Yeah, for you guys, Yeah, so right now, the FDIC
• 9:15
  Speaker 3: only understands Fiat currency. So money in a bank account
• 9:20
  Speaker 3: is FDIC protected. That's the only thing that they will
• 9:24
  Speaker 3: allow insurance on. What we offer is what we call
• 9:28
  Speaker 3: our high interest USD account, and so in that account,
• 9:34
  Speaker 3: we take your money, we put it into.
• 9:36
  Speaker 2: Partner bank programs.
• 9:38
  Speaker 3: So there's a network of banks that need deposits, need
• 9:43
  Speaker 3: banks need cash, and what they this program does is
• 9:47
  Speaker 3: take that and put it across up to ten banks.
• 9:50
  Speaker 3: So instead of the normal two hundred and fifty thousand
• 9:53
  Speaker 3: dollars that you get on FDIC insurance, you get two
• 9:55
  Speaker 3: point five million dollars of FDIC insurancs, it stacks because
• 10:00
  Speaker 3: of the way that this program is structured. Okay, so
• 10:02
  Speaker 3: that's available today in the US for Uphold customers.
• 10:07
  Speaker 1: Interesting, Yeah, holding USD in the Uphold app or the account,
• 10:11
  Speaker 1: that's right. Anything I put in their FDIC protected once
• 10:14
  Speaker 1: I go into crypto or into a stable coin. At
• 10:17
  Speaker 1: that point, I'm just like every other that's right, risky, yep, Okay.
• 10:20
  Speaker 2: I love the fact that this is still available.
• 10:23
  Speaker 1: Is this kind of the future of where you think
• 10:25
  Speaker 1: banks are going or do you feel like that's going to.
• 10:27
  Speaker 2: Be the competitor of the future for you guys?
• 10:29
  Speaker 3: No, I think definitely. What I'm most excited about is
• 10:34
  Speaker 3: banks are coming to us now and saying, hey, we
• 10:36
  Speaker 3: realize that this technology is what we need to be competitive.
• 10:40
  Speaker 2: I love it.
• 10:41
  Speaker 3: This is what creates the experiences our customers want. So
• 10:44
  Speaker 3: we are working with a lot of banks, brokerage firms,
• 10:47
  Speaker 3: fintech companies to give blockchain powered services like this to
• 10:52
  Speaker 3: their customers. And that's our whole Uphold API business.
• 10:55
  Speaker 1: All right, perfect, all right, A lot happening with Uphold guys.
• 10:58
  Speaker 1: We're going to be covering this more and I think
• 11:01
  Speaker 1: as we start to see this, I'm gonna try this
• 11:02
  Speaker 1: credit card out. Yeah, and we'll give you guys a
• 11:05
  Speaker 1: report on how it's working. And again, as usual, make
• 11:09
  Speaker 1: sure you like and subscribe. We'll catch you next time
• 11:11
  Speaker 1: right here on the xrpepot. Take care. If you like
• 11:20
  Speaker 1: this video, like and subscribe, drop a comment down below,
• 11:23
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• 11:27
  Speaker 1: is in the description.