Uphold allows users to earn 5% interest on idle cash through its partnership with Atomic*

Atomic's expanded FDIC-insured cash** sweep leads the way for crypto investors.

Atomic Brokerage LLC ("Atomic"), a global investment platform, announces today their launch with Uphold, a global digital exchange for cryptocurrency. The partnership is the first to allow crypto users an easy, convenient and cost-effective way to earn interest on their idle cash. The FDIC-insured cash sweep program provided by Atomic is fully integrated into the Uphold App, allowing its customers to transact at any time instantaneously***. 

Unlike most crypto platforms offering yield based on decentralized finance and volatile instruments, the Atomic Cash Sweep program gives generous and stable yields without compromising their access to liquidity on Uphold's platform. The program effectively provides up to $2.5 million in FDIC coverage, which is significantly more protection than a customer can receive from a traditional bank account. As Simon McLoughlin explains, "The yield is not generated from our balance sheet … through Cash Sweep, clients' funds are deposited into an interest-bearing deposit account at one or more banks, where the funds earn a variable interest rate and are eligible for FDIC insurance coverage." 

In addition to offering a secure way to invest and earn yield, Atomic is providing the compliance solution which historically has been a pain point in the crypto industry and a risk to investors. Atomic's industry-leading compliance and engineering teams rose to the challenge and developed a robust product enabling Uphold to be "...the first major crypto trading platform to embed a brokerage account offering interest on USD," according to McLoughlin.

Atomic CEO David Dindi says "We've created a novel arrangement where there is a clear separation of responsibilities between the crypto and brokerage offerings, but users can use both products in a seamless way."

The new USD interest accounts are now available to Uphold's more than 2 million customers in the United States. In the coming months, Atomic and Uphold intend to expand this availability to the entirety of Uphold's 12 million customers around the globe.

To learn more about Atomic products, reach out to our team directly here.

About Atomic Brokerage:

Atomic Brokerage LLC ("Atomic") is a broker-dealer and subsidiary of AtomicVest Inc. Through AtomicVest Inc., Atomic offers turnkey APIs that enable banks, lenders, and fintechs to easily integrate investing features directly into the platform for their own product. 

Atomic Brokerage LLC is registered with the SEC and a member of FINRA/SIPC. More information on the Atomic Cash Sweep program can be found on the Atomic website.

About Uphold:

Ranked #1 in the San Francisco Business Times Fast 100 List, Uphold is committed to making web3 easy. As a web3 financial platform, Uphold serves millions of customers in more than 140 countries. It provides businesses and consumers with easy access to digital assets and services.

Uphold is regulated in the U.S. by FinCen and State regulators and is registered in the UK and Canada with the FCA and FINTRAC respectively and in Europe with the Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania.

* Balances under $1,000 earn 2% interest; balances $1,000 and over earn 5%. Rates are subject to change. Neither Atomic nor any of its affiliates is a bank. Interest accrues daily and is paid on a monthly basis.

** You are able to have up to $2,500,000 ($250,000 per depositor, per insured bank for each account) Federal Deposit Insurance Corporation (FDIC) insurance for deposits in your Atomic Brokerage LLC account when those funds are deposited into all ten unaffiliated bank deposit accounts in the Atomic Cash Sweep Program (subject to coverage limits and eligibility requirements). Funds held in your Atomic Brokerage account are not FDIC insured. Funds held in your Atomic Brokerage account solely for the purpose of accessing the Cash Sweep are also not protected by SIPC.

*** Access to funds is typically available within seconds. Transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud, financial harm, or for various other regulatory driven reasons.