Upstream is focusing on NFTs for the masses and has streamlined NFT Purchases with USD Accounts along with Payments through PayPal, Debit, Credit
by Fernanda De La Torre
This week Upstream unveiled the advantages of its cash-first platform which enables traders to purchase NFTs using traditional bank payments through its partnership with Digital Trust and other payment options. Upstream’s methodology combats existing crypto market volatility while streamlining the user journey for cash deposits and withdrawals.
Traditional and blockchain markets have taken a collective hit in the last few months. Bitcoin has plummeted more than 70% from its record high in November.¹ Ethereum has been hovering around $1,500 as opposed to its all-time high of $4,892.² The NFT market, which relies primarily on the Ethereum network and the Ether cryptocurrency has also dropped down to record lows. NFT sales reached $650 million in July, compared with the peak of $4.7 billion in January.³
Most NFT platforms require Ether cryptocurrency to participate and may present hurdles for those unfamiliar with blockchain platforms. Users typically must go outside of the NFT market to create a crypto wallet, purchase cryptocurrency on an outside exchange, then connect this wallet to the NFT platform. Users attempting to withdraw their crypto proceeds in cash are typically taken to another third-party site to convert the crypto to fiat or must sell the crypto for cash.
Upstream, a cash-based NFT market, focused on making NFTs accessible to the masses and addresses common friction points for NFT traders. On Upstream’s regulated, carbon-neutral market, blockchain wallets are created for users directly within the Upstream app in seconds. Users are then presented with traditional bank funding options through Upstream’s cash custodian, Digital Trust, along with other familiar payment on-ramps such as PayPal, Credit, and Debit.
Traders from all over the world, excluding sanctioned territories, may fund their Upstream accounts with currency from their countries which will be exchanged for U.S. dollars. All Upstream accounts, U.S. and non-U.S., are FDIC-insured up to $250,000. For additional investor security, cash withdrawals on Upstream will only ever be sent to the same bank account from where the investor originally funded from.
“We are thrilled to offer our services to Upstream’s forward-thinking market,” says Theresa Fette CEO of Digital Trust. “Digital Trust is dedicated to technology-driven custody solutions and making digital assets more accessible and manageable to the masses with platforms like Upstream.”
“Upstream is building an NFT community made up of heavyweights across sports, music, and entertainment to usher in the next wave of NFTs focused on utility and fan engagement,” says Upstream Co-Founder Mark Elenowitz. “Fans want to be able to purchase digital collectibles with a quick QR code scan, or a couple basic steps, not go through leaps and bounds before even being able to participate. Upstream offers this.”
“The NFT market is linked considerably to Ether’s price volatility,” continues Mark Elenowitz. “We believe adding additional payment avenues could help the market break away from this while introducing digital collectibles to an entirely new audience who are seeking a streamlined entry point.”
Upstream, a MERJ Exchange Market, is a fully regulated global stock exchange for digital securities. Powered by Horizon’s proprietary matching engine technology, the exchange will enable investors to trade NFTs, shares in IPOs, crowdfunded companies, U.S. & Int’l. equities, and celebrity ventures directly from the app: https://upstream.exchange. Interested issuers can reach the team at firstname.lastname@example.org.
MERJ Exchange (MERJ) operates Upstream as a fully regulated and licensed integrated securities exchange, clearing system and depository for digital and non-digital securities. MERJ is an affiliate of the World Federation of Exchanges (WFE), recognized by HM Revenue and Customs UK, a full member of the Association of National Numbering Agencies (ANNA) and a Qualifying Foreign Exchange for OTC Markets in the US. MERJ is also a member of the Sustainable Stock Exchanges Initiative. Visit https://merj.exchange/ to learn more.
Horizon is a fintech company that builds and powers global securities exchanges with an integrated suite of software for compliant issuance, management, and secondary trading of securities. Our in-house solutions combine Wall Street and Silicon Valley to power the next generation of securities offerings and trading in the U.S. and globally. Learn more at https://www.horizonfintex.com/.
This press release shall not constitute an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation is not permitted.
*NFTs received have no economic value, royalties, equity ownership, or dividends. NFTs are for utility, collection, and display only.
*U.S. investors are not permitted to trade in upstream listed securities. U.S. and Canadian citizens will only be able to trade in a security they currently own that has listed on upstream for liquidation only.