Uphold announced that it will allow users in Latin America to use cryptocurrency for investing in the world’s leading companies such as Amazon, Apple, Google, or Tesla for as little as 10,000 Satoshis.
You can now buy a fraction of @Apple, @Tesla, @Walmart and 47 other U.S. stocks with as little as $1. Trade between equities, crypto, currencies and metals all in one account! 📱https://t.co/RRHHMvGLsH Available in select regions outside the U.S. pic.twitter.com/tg4bSACuNv — Uphold (@UpholdInc) June 25, 2020
It has been reported that Uphold supports dozens of cryptocurrencies, including Bitcoin (BTC).
However, according to the company’s press release, the new service makes equity investments affordable for millions of people in the region.
The report stated:
“Uphold, the leading digital money platform, today launches a groundbreaking equities service that gives millions of people in Latin America easy and affordable access to U.S. stocks for the first time.”
Likewise, Uphold believes that for many countries in Latin America, inflation demeans the little savings that the locals make.
10,000 Satoshis could buy you a stake in Google or Tesla https://t.co/v7LAQhsSTY — Cointelegraph (@Cointelegraph) June 25, 2020
J.P. Thieriot, the CEO of Uphold, said that if locals had access to this kind of service back in 2010, they would have been able to preserve their wealth much better.
Thieriot added:
“If you’d put $1,000 in Uphold’s basket of 50 U.S. stocks in June 2010, today your investment would be worth around $5,785 compared with just $337 if you’d left your money in Brazilian Reals; $50 in Argentinian Pesos; or shockingly less than a penny in Venezuelan Bolivars.”
Thus, the press release states that there are no trading fees and the minimum investment is $1.
Source: Cointelegraph | Image: Wikileaf