Bitreserve becomes 'Uphold' – The Internet of Money

In what seems to be a major revamping effort, Bitreserve, a bitcoin company, is rebranding itself as ‘Uphold’.

“Bitreserve takes its next great step forward on the journey to transform global financial services for the benefit of everyone, everywhere. Together with the entire company, I’m proud and excited to announce that Bitreserve has become Uphold”, said Anthony Watson, President & Chief Executive Officer, Uphold, Inc. in a blog post.

Bitreserve, a cloud based financial service, enabled users to transfer deposits of bitcoin into reserve-backed currencies and commodities allowing anyone with a device to send, receive, and exchange money and commodities for free.

“When I launched Bitreserve the idea was that, using the cloud and cloud money, you could eliminate all expenses related to anything monetary — the movement and conversion of money in all forms: foreign exchange, bounced checks, remittance fees,” says founder and chairman Halsey Minor, who also founded CNET. “If you’re making money by moving money — credit cards, remittances, bounced check fees — all of those fees, we will take out in the next five years.”

Describing its “The Internet of Money”, the company said it is a platform that allows anyone, anywhere, the ability to move, convert, hold and transact in any form of money or commodity instantly, securely and for free. Members can now add funds to their Uphold accounts via bank transfer or by linking credit or debit cards, in addition to bitcoin. 

Moreover, Uphold is now a member-only, member-to-member service.  It has categorized members into four groups: individuals, businesses, charities and developers. It is absolutely free to open an account and become a member of Uphold.

While Uphold does not charge fees of any nature of Forex, a fee of 2.75% applies to members who choose to fund their Uphold account with a debit and/or credit card - Visa and MasterCard initially.

The services will be rolled out in four phases to countries including European Union, Switzerland, European Economic Area (33 countries excluding Iceland), U.S., China and India.