Crypto trading app Uphold adds US equities to its product lineup
Uphold, a crypto wallet and trading app that was founded in 2013, has added US equities to the products that its users can trade. While Uphold's trading services aren't permitted in the USA, this new feature can be used by people in nearly 200 other places to trade US equities. According to J.P. Thieriot, the C.E.O of Uphold, “U.S. equity trading has been stuck in the 20th century with archaic market hours that no longer meet the expectations of millennials who’ve grown up with ‘always-open’ crypto markets...With Uphold, you can now buy and sell interests in U.S. stocks whenever you want—before breakfast, over the weekend, on a public holiday—and immediately place trades based on insights drawn from the latest company and economic news.”
It is very difficult for foreign investors to enter the US equity market. With this addition to their product offering, Uphold could attract major investment from crypto holders who want to gain exposure to some of the biggest companies on the planet. In addition to offering easy access to US equities, the company has added the ability for global investors to trade in the markets without time constraints. Because this platform is unlikely to offer legal custody over the equities that are traded, institutional investors are probably not going to be attracted to the service.