About 24 hours ago, Uphold sent out a mailer to all its users announcing the introduction of two new cryptocurrencies on its platform. The cloud-based financial services company will now support Litecoin and Ethereum. The company aiming at creating the ‘Internet of Money’ as it calls its vision is now a step closer to making it a reality.
Uphold was started in 2013 by Halsey Minor, the technopreneur who founded CNET and played a huge role in Salesforce. This cloud-based service allows its users to send, receive and exchange money- both fiat and virtual, and commodities at no charge. The company was initially focused more on bitcoin before it broadened its horizons to include other currency types as well. Its support for bitcoin in the early days was signified by the name Bitreserve, Uphold’s early name.
The platform so far supported 14 different digital versions of currencies including bitcoin as one of them. Now, with the introduction of Litecoin and Ethereum into the platform, the count of currencies supported by the platform has risen from 14 to 16. In addition to multiple currencies, the platform also supports precious metals like gold, silver, platinum and palladium. Litecoin support will start from April followed by Ethereum in May.
Litecoin was considered as the next best thing after bitcoin, due to the number of users and market capitalization. With the introduction of Ethereum and its rising demand in trading has made it the second in command after bitcoin in the digital currency sector. Many bitcoin wallet and exchange services providers have started supporting Ethereum after their customers started sending requests for inclusion. Uphold has also realized the importance of Ethereum, both as a currency and a technological platform.
In the mailer, Uphold attributes the reasons behind the introduction of Ethereum and Litecoin to growing popularity among the developers, open source communities, financial traders and enthusiasts. In addition to the inclusion of these two new cryptocurrencies, Uphold is also known for its support to innovation. The platform supports Halsey Minors other virtual reality technology venture Voxelus. Voxelus uses a game currency called Voxel. Voxel was created and distributed by Uphold.
Ethereum shot to fame after it started exhibiting a continuous growth in its value. The value of Ethereum increased by about 200 percent over a period of 2-3 months, before showing signs of dropping in the recent days. Ethereum is a promising smart contracts platform, already being worked upon by the fintech sector. Ethereum platform, on the other hand, matured to the next phase with the completion of its second release – Homestead.
The cryptocurrency industry is getting interesting each passing day, with new innovations and developments happening around the clock, across the world. In the current pace, we can expect blockchain technology to be adopted by many industries by the end of this decade.