Uphold announced the introduction of US stock trading services to American users, with more than 4000 new US equities and ETFs on the platform. The company disclosed that the user could directly convert the supported encrypted asset into a stock or ETF hold in the same application without having to transfer to another platform or manually switch to a cash account.
Over 4000 covered only stocks and ETF
This service integrates traditional securities products into the existing Uphold encryption interface, which is open to United States clients. According to the company, in one operation the user can complete the conversion of the encrypted asset to the securities product, reducing the amount of French currency exchange, stabilizing currency transit and cross-account transfer.
According to US president Nancy Beaton, the platform wants to place shares and encrypted assets at the same investment entrance. She mentioned, for example, that users could sell bitcoin in their applications and buy shares directly into Birkheshire Hasawa.
Follow-up plan extended transaction time
According to the company, the next step would be to extend the stock trading period to 24 hours a day, 5 days a week, to cover pre-, post- and nighttime periods as soon as possible. If the arrangement landes, users can respond to international economic data and changes in overseas markets outside the normal period of United States transactions.
From a business orientation perspective, Uphold is trying to put chain financial services on the same platform as traditional investment products. Citing industry data, the article states that more than 160 million Americans hold shares, about 62 per cent of the adult United States population. At the same time, the participation of retail users in digital assets is increasing, and such cross-asset platforms are thus one of the competitive directions.
The trade path is still going through the dollar account.
However, so-called “step-by-step” transactions are not directly encoded assets to settle shares at the executive level. The company disclosed that after the user had initiated an encrypted equity purchase order, the relevant encrypted assets would be converted to United States dollars by Uphold HQ, Inc., and subsequently the United States dollar funds would be transferred to the Uphold Securitys securities account for the purchase of the respective shares.
This means that the process is presented as an operation at the front end, but the back desk still involves a division of labour between two related entities: one responsible for the encrypted conversion of assets and the other for the securities brokerage. At the same time, the company indicated that it would charge separate fees for both links.
- Encrypted assets converted to United States dollars
- United States dollars re-entry into the securities account.
- Encryption and securities are handled separately by related companies
Securities transactions provided by licensed entities
The company disclosed that the securities product was supplied by Uphold Securitys, Inc., and that it was a registered United States voucher and a member of FINRA and SIPC; the liquidation of the related account was undertaken by Apex Clearing Corporation. Non-securitized assets, including encrypted currency, precious metals and French currency, are provided by Uphold HQ Inc.
Additional information:According to the company, its services currently cover more than 140 countries and territories and are connected to over 30 trading sites to obtain liquidity and implementation support.