What is UpToken (UP)?
Future of UP Cryptocurrency and know how to buy UP

#1 – What is UpToken?

Coinme is the first licensed company to offer ATM services for cryptocurrencies in the United States. The Seattle-based venture, founded in 2014, focuses on financial services pertaining to cryptocurrency and blockchain technology. Over the years, the company has become completely vertically integrated and expanded its market across the US. At the same time, it creates digital wallets along with providing a platform for the exchange of digital currency.

UpToken – The Basics

  1. UpToken is Coinme’s native cryptocurrency. The aim behind the inception of this crypto-asset is to produce a worldwide network of crypto ATMs.
  2. With UpToken, Coinme aims to provide cryptocurrency ATMs to users for effortless financial transactions using cryptos. Concurrently, it seeks to end the technical complications that obstruct the mass adoption of cryptocurrencies.
  3. UpToken is a new token asset with an architecture aimed at the creation of a globally integrated network of cryptocurrency ATMs.

UpToken Development

  1. Neil Bergquist co-founded Coinme along with Michael Smyers.
  2. Bergquist has formerly worked as an innovation management consultant as well as a serial entrepreneur. He has experience in the executive positions in various industries such as technology, real estate, and healthcare. He is an MBA degree and was awarded the Entrepreneur of the Year 2014 title by Washington SBA.
  3. Smyers is a serial entrepreneur with a decade of entrepreneurial experience. He is the co-founder of a cloud-based messaging portal, Zipwhip. He is an Electrical Engineering graduate with a keen interest in technology.
  4. The rest of the team displays ample experience in financial technology, marketing, business management processes, and the crypto market.

 

#2 – What are the benefits of UpToken?

UpToken Technology

  1. UpToken works with a Customer Rewards Program to offer benefits to its users. The mechanism returns 1% of the total amount that a user’s ATM transaction is valued at. The amount is returned in the form of UpToken coins itself. This works the same way as a cashback.
  2. The platform also employs a Customer Voting protocol to provide accurate representation to its community. The protocol takes votes from its user base before deciding to add any new cryptocurrency on the ATM system.
  3. Coinme’s ATMs do not work as traditional ATMs. The company’s engineers write all the software codes for the ATM firmware as well as the Coinme wallet. When a user buys any cryptocurrency at the ATM, the funds are directly deposited to their wallet.
  4. UpToken is an Ethereum token based on the ERC20 protocol. Its architecture uses a simple technical design with the smart contract technology.

Features

  1. Discounted ATM Transactions Fees: UpToken offers a 30% transaction fee discount on all ATM transactions made with UpToken coins. If, for instance, you buy BTC worth $1000 with a transaction fee of 5%, you can use your Coinme UpToken wallet to pay the fee for the transaction. This fee will then be reduced to 3.5%.
  2. Customer Rewards: Transactions made from a Coinme crypto ATM receive a 1% return on the total amount, even though the transactions were made using UpToken. This reward amount can be further used to pay the transaction fee and avail the discounted payment.
  3. UpToken Votes: The platform will add new cryptocurrencies on its ATM network after some interval. For this purpose, it allows its users to cast votes to choose which cryptocurrencies should be included on the platform. The voting right is available for users with UpToken funds.

Value Proposition

  1. The cryptocurrency market has well-exceeded the $1 billion mark. Despite the enormous value of cryptocurrency present in the market, there are only 1600 crypto ATMs present across the world.
  2. Coinme’s principal objective is to maximize the reach of this valuable digital currency via its cryptocurrency invention, UpToken. The company proposes to increase the potential value and usage of cryptos by offering the crypto ATM facility to the masses.
  3. The company is attempting to harness the utility of this new technology for the cryptocurrency market. Its focus is also on bringing about a landmark change in the financial sector by creating a link between local fiat and digital cash.
  4. Coinme will also help in providing financial facilities in the developing countries to the unbanked population. The financially underserved people can avail banking services via cryptocurrencies and make use of digital wallets to make transactions to make up for the absence of the traditional banking system in these places.

 

#3 – How to buy and store UP?

You can obtain UP tokens in the form of rewards when you use the Coinme ATMs to purchase BTC. UpToken’s cryptocurrency UP is also available for purchase on exchanges like CoinGecko, Bittrex, Bancor Network, UpBit and CoinCodex.

  1. CoinSwitch, as the largest cryptocurrency conversion platform, offers you the ability to exchange your cryptos for UP. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your UpToken cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

  1. UpToken’s own wallet is a reliable means of storage for UP coins. Users can download the wallet from its official website.
  2. Furthermore, UpToken in an ERC20 compliant coin. One of the most suitable options for storing UP coins, therefore, is the myEtherWallet. You have to first visit the website and create an account, if you don't already have one. Download the keystore file and back it up at a safe location. You will then receive a private key to your wallet. Get a printout of this key for safety purposes.
  3. Another suitable means of storage is hardware wallets. It also eliminates the fear of online hacking and security loopholes. Ledger and Trezor are some convenient options to store UP coins. Both are available at Amazon.

 

#4 – What is the future of UpToken?

  1. Coinme is looking to explore other payment methods, such as ApplePay, credit or debit cards, etc. It is also exploring the local payment methods to integrate with its ATM platform.
  2. The team has a customer-focused mission for the future of UpToken. Alongside 39 new ATMs opening across regions in the western United States, the company is working towards international deployment as well.
  3. They are also looking to upgrade the platform’s hardware and software infrastructure which will allow more facilities such as operational management, business activities like licensing, regulatory compliance, and equipment maintenance.
  4. The company has planned to enlarge its product offerings. It will add more cryptocurrencies to its crypto ATMs and integrate more payment options. However, there is no specified roadmap as such.

Also Read: Complete Analysis of UpToken | Live UpToken (UP) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

0.045350

0.059263

0.043432

0.045362

100,745

6,434,210

June 01, 2018

0.111654

0.116610

0.107027

0.107713

293,785

15,851,600

May 01, 2018

0.203646

0.221799

0.186714

0.205608

1,637,250

28,909,400

Apr 01, 2018

0.130210

0.141034

0.108813

0.121889

2,606,320

17,787,200

 

#5 – How is UpToken different from other cryptos?

  1. Coinme offers an on-the-spot platform for fiat and cryptocurrency exchange. Its token asset UpToken is aimed at creating a hassle-free user experience and promoting crypto adoption among the masses.
  2. Coinme’s ecosystem makes it stand out from other platforms. These crypto ATMs are both produced and operated by Coinme. The company single handedly designs and develops the entire technological architecture of the ATMs as well as the digital wallets, eliminating the role of a third party.
  3. Its voting protocol is an attempt to involve the community in its governance system. This will be done through periodic auctions to decide which cryptocurrency should be included on the platform. This way, it strives to create a more democratic system of functioning.
  4. The company is a fully vertically integrated organization. This means that the company alone administers every stage of operation, from technical designing to customer experience and support.
  5. Its incentives and system of rewards, although not unique, create a better overall user experience which distinguishes UpToken in terms of customers’ evaluation.

 

#6 – Should you invest in UpToken?

  1. UpToken is a new cryptocurrency, while its creator - Coinme - has established itself as a company developing blockchain and crypto services. UpToken, therefore, has a legitimate name backing it. The coin has developed only a small community of users since the time of its inception though.
  2. Coinme ATMs offer benefits like removing the need to connect to bank accounts and increasing the speed of cryptocurrency transactions. Its ultimate aim is to increase crypto accessibility and make it available to non-technical users as well.
  3. A factor working in favour of UpToken is the presence of Sidney Rice in its advisory board. Rice is a former pro-bowl NFL player. He retired from sports to pursue his interest in entrepreneurial ventures. The company also boasts of an experienced team with expertise in diverse fields such as operational management, creative marketing, financial technology, and crypto economics.
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