“Uphold is uniquely positioned as the first ‘cloud-based’ financial services platform that leverages the operating efficiencies of blockchain technology while providing access to the legacy bank and payment networks,” said John McDonnell, CEO of UMS. “Through the global reach of the Uphold platform, UMS can enable merchants to accept any type of payment from any customer in any part of the world, and those funds will be converted into the merchant’s currency of choice for deposit into their Uphold account. Much like mobile phones eliminated the need for landlines, UMS can allow merchants to leapfrog traditional banking services to expand their addressable markets globally.”

http://www.econotimes.com/uphold-acquires-bitcoin-startup-bitnet-362064