- DeFi platform, Uphold announces the acquisition of card-issuer Optimus Cards U.K.
- Uphold says that the acquisition comes with a full Electronic Money Institution (EMI) license from the U.K.’s Financial Conduct Authority (FCA)
- The purchase has opened the door for the firm to launch its own “crypto-enabled” debit card in Europe
In a Tuesday press release, digital money platform Uphold announced its latest acquisition Optimus Cards UK, which works in debit and credit card issuing in the U.K. and Europe.
The Uphold Acquisition
Optimus is a U.K.-based consulting firm that serves customers in the FinTech and credit union sectors. The electronic money institution is fully regulated by the Financial Conduct Authority (FCA).
Uphold, a U.S.-based digital currency platform works to democratize investments. Uphold operates by opening access to traditionally inaccessible modes of finance like crypto, precious metals, U.S. equities, or carbon credits.
Uphold digital services are already available in the United States. Holders of Uphold account allows users to switch between over 100 sources to fund and spend any of their holdings.
Stocks like Ripple’s XRP, Bitcoin, Tesla are available on Uphold. The platform can be used by more than 50 million merchants worldwide. Uphold can also be accessed to cash at supported ATMs worldwide.
On the Flipside
- In other news, 55-year-old U.S. resident, John DeMarr, has been charged by the U.S. Department of Justice for participating in a coordinated cryptocurrency fraud scheme
- DeMarr told would-be investors on different platforms to lend him a total of $11.4 million for what he claimed were business opportunities to trade cryptos and digital wallet staking
- Instead of investing the money, John DeMarr, used the money for himself
Uphold to Add Crypto Card Services
The new Uphold acquisition means users in Europe will soon get crypto card services. In addition, people will be able to receive part or all of their salary in Bitcoin or other assets. They will also be able to spend it using the Uphold Cards that will be issued through Optimus.
The CEO of Uphold, JP Thieriot, announced;
We're delighted to have acquired an issuer with such a technically-sophisticated platform and a full EMI license. These attributes will shortly allow us to issue multi-asset, crypto-enabled debit cards across the UK and Europe.
Because Optimus is fully regulated by the Financial Conduct Authority (FCA,) Uphold would not need to go through the normal regulatory platform before the crypto-debit card can be issued in Europe.