Uphold expands services to China and Hong Kong

Announcements | January 5, 2016 By:

Uphold has announced its expansion to China and Hong Kong with support for UnionPay cards.

In its announcement, Uphold CEO Anthony Watson said that Uphold is the “first U.S. based financial services company to successfully provide and operate services in Greater China and Hong Kong since the country opened its $7 trillion bank card market to foreign players on June 1, 2015.”

The fee for UnionPay transactions is 3.8%. To be eligible, UnionPay members must submit their ID. Also noted is that the onboard of any funds to the platform is in full compliance with Chinese state capital controls and requirements.

Bitcoin is now a secondary focus at best, though the platform is also marketed as the only way to buy and store bitcoin without any fees.

Uphold is a financial system that makes using digital money secure.