Cloud-based financial trading platforms are becoming a new emerging trend, and Uphold is one of the frontrunners in this regard. Now that the company has partnered with YES BANK, they can offer their trading services to customers in India as well. This is positive news for Bitcoin too; as it is one of the supported currencies on the Uphold platform.
It does not happen all that often established financial institutions are willing to partner with disruptive trading platforms, such as Uphold. This company has been attracting a lot of attention due to their wide variety of supported currencies – including Bitcoin and precious metals – which allow customers to convert between values in a convenient manner.
A partnership with India’s fifth largest private bank will bring additional customers to the platform, as support for Indian bank accounts is now made available. In fact, moving funds to and from such a bank account will only take a few clicks, making the whole process a lot more streamlined compared to other trading platforms in the cloud.
YES BANK’s Arun Agrawal stated:
“YES BANK is proud to partner with Uphold to bring affordable, accessible and innovative solutions for transferring money from 174 countries into India. This proposition will provide great convenience to Uphold’s customers by sending money instantly at any time in a safe and secure environment and is a reinforcement of YES BANK’s commitment to providing a superior banking experience through innovation and digital technologies.”
Other than making moving funds in and out of Indian banks a lot faster, the partnership with Uphold makes the process cheaper and easier as well. For the cloud-based trading platform, new payment solutions have been added to their wide variety of offerings as well, as the platform also offers a prepaid Uphold Rupee card. What makes this plastic card so interesting is how there are no conversion fees involved.
Considering how most people living in India have access to mobile devices with Internet access, rather than using computers or laptops, Uphold can showcase the power of their platform through the mobile apps. Moreover, a lot of businesses and consumers in the region have no access to traditional banks, which makes alternative financial solutions such as Uphold all the more valuable.
It is important to note Uphold has ventured into the world of Indian banking before, as the agreement with YES Bank is their second partnership in the region. Emerging markets are of tremendous value to the trading ecosystem, especially in areas where traditional financial services are not gaining critical mass
What are your thoughts on this partnership between YES BANK and Uphold? What will this mean for Bitcoin adoption in India? Let us know in the comments below!
Images courtesy of Uphold, YES BANK
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