Uphold allows users spent digital gold on a debit card

Uphold users can now purchase, hold and even spend digital gold in the form of the newly-minted and government-backed UPXAU token

Digital Investment platform, Uphold, has announced that its global customers can buy a “better form of gold” in the UPXAU token.

Universal Gold (UPXAU) is a physical-gold backed token issued by the Universal Protocol Alliance and backed by the Government of Western Australia.

The token is free to hold and spendable on a debit card with no minimum investment required, it is also one of the only gold tokens that is government-backed

One of the key drawbacks of investing in gold is the expensive methods of custody and transit, which often incurs monthly fees of up to 0.4%.

Uphold and Perth Mint have now developed a more practical and affordable way of investing in gold via the UPXAU token.

Especially in light of this year’s precious metals bull market, allowing investors to purchase as little as $1 worth of gold with zero custody fees in an extremely unique 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.

JP Thieriot, CEO of Uphold, said: “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.

“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 renowned 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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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.


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