When it comes to making Bitcoin more accessible to consumers, there is a variety of ways to achieve this goal. One thing consumers can appreciate is an experience that does not involve too much hassle. At the same time, the faster they can buy and sell Bitcoin, the better. Whether or not Uphold will provide that service, remains to be seen, but the company has launched in China and will be accepted UnionPay for all purchases.
Uphold Launch in China Is Good News
From a financial technology standpoint, any platform or service that can launch in China is a good thing. The country is well-known for being on the border of paranoid when it comes to financial services that are not originating from China itself. Uphold has a leg up over its competition in this regard, as they are among the first US FinTech companies to offer services in both Hong Kong and China.
But that is not all, as Uphold also announced they will accept UnionPay as a payment method. For those among our readers who have no idea what UnionPay is, suffice it to say this is a US$7 trillion bank card market. Being able to tap into this market could open up a lot of opportunities for Uphold and the instant and free financial services and transactions they plan to offer to businesses and consumers alike.
Considering how China is a booming market as far as online transactions are concerned, combined with the sheer number of mobile devices being used on an active basis, there is a huge financial market waiting to be explored. Uphold users can now use their Chinese UnionPay card to load funds into their wallets, and use it on the exchange platforms without any hassle.
The most interesting part this launch has to do with Uphold Connect, an open API provided by the company to charities, individuals, and businesses. By using this API, new financial solutions and products can be created for customers all over the world. Plus, all of Uphold’s accepted payment methods – including SEPA, Faster Payments and ACH – can be integrated into these new services as well.
What Does It Mean For Bitcoin in China?
Uphold is an exchange platform where users can buy and sell a variety of assets, including precious metals, foreign currencies, and Bitcoin. Thanks to the integration of UnionPay, Chinese citizens can now quickly and conveniently buy and sell Bitcoin in exchange for one of the country’s most commonly used payment methods.
This will bring some interesting competition to the established Chinese Bitcoin exchanges as they have been dominating the trading volume for quite some time now. It will be interesting to see how much Bitcoin trading volume Uphold can generate over the coming months. Their launch in China and Hong Kong is definitely a step in the right direction.
Source: Uphold Blog
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