Crypto Platform Uphold Acquires Potugal-Based Digital Agency Scytale

News | July 12, 2019 By:

Cryptocurrency platform Uphold has acquired Scytale, a digital agency based in Braga, Portugal, for an undisclosed sum.

Uphold, formerly Bitreserve, is a cloud-based financial services platform enabling users to convert deposits to their account via bank account, credit card, and cryptocurrencies into reserve-backed currencies and commodities. Uphold claims to have powered over $4 billion in transactions across 184 countries, covering over 30 supported currencies and four commodities.

Established in 2011 by by Universidade do Minho graduates, Nuno Ferreira, Eduardo Conceição, João Veiga and Marco Martins, Scytale is web development and design studio, specialized in producing digital applications and products for a wide range of global clients. From interaction to visual design, the company aims to solve problems and explore solutions.

The acquisition, which came after Uphold decided to further anchor its technology team in Portugal, will allow Uphold to futher expand its presence in the country.

“We’re delighted to welcome Nuno, Marco, Eduardo, João, and their team,” said Tiago Ribero, Uphold’s Co-Chief Technology Officer. “We’ve known many of them from university and, through collaborating with them on several projects, we’ve come to respect their work and rigorous processes. Uphold is all about making investments and payments seamless, easy and affordable for people worldwide. These aims align well with Scytale’s insistence that their solutions and visual designs should improve life, work and play for users.”

Nuno Ferreira, Scytale’s former CEO and now VP of Engineering at Uphold, said that the acquisition is a great development for their team.

“We’ve long felt that we’d like to have more say in how our consulting work is used,” Ferreira said. “Now, we‘ll get to build, implement and continually enhance solutions for a truly global business. Uphold has more than 1 million customers in over 183 countries and we’ll be able to see our ideas become part of its growth story around the world.”