SUN PRAIRIE, Wis., Nov. 4, 2019 /PRNewswire-PRWeb/ -- In a first for Cornerstone Global Management, LLC's revolutionary CP3 (Crypto Pay & Pension Plan), Uphold, Inc is offering CP3 to their 100 plus employees as a way for them to automatically convert any portion of their pay into cryptocurrencies each pay day.
Uphold (https://uphold.com), a finance and technology driven company, serves 184+ countries, across 30+ currencies (traditional and crypto) and commodities with frictionless foreign exchange and cross-border remittance for members around the world.
By offering their employees the option to choose any portion of their pay to be converted into any or all of three cryptocurrencies currently offered by the CP3 program (Bitcoin, Litecoin and Ethereum), Uphold is opening up avenues of adoption that eliminate a number of steps many who don't own cryptocurrencies, and even those who do, have complained as barriers to success.
To enroll in CP3, an employee simply fills out a direct deposit form that is then submitted to their company's payroll department. The employer pays nothing for this program in any capacity, nor are there any tax implications since they are sending the money in fiat to a bank account the employee has designated as its place of destination.
This also allows the employer to still pay the employee in fiat (Dollar, Yen, Euro, etc.). The direct deposit is sent to a bank account that automatically takes the money and exchanges it into each of the cryptocurrencies selected by the employee ahead of time. Each of these cryptocurrencies is then also automatically sent out to each wallet the employee selected ahead of time to receive that specific cryptocurrency, at that specific amount. The employee will receive a text or email telling them the deposit has been made to complete the transaction process.
The employee has the ability to not only change the cryptocurrencies they would like to receive each pay period, but they also have the ability to change the amounts for each, and the desired destinations for the cryptocurrencies as well.
Multiple wallets can also be identified for each cryptocurrency selected, allowing the employee to not only diversify their cryptocurrency selections, but also diversify their destinations. This will enable employees to fully control their crypto in a manner never before possible.
Each facet of the program was created with ease of use and flexibility for the user in mind. By eliminating the need for an employee to (1) manually go onto an exchange, (2) move fiat onto the exchange for the purpose of buying crypto, (3) making the purchase manually and being charged for the purchase, (4) in some cases waiting days after the purchase before seeing it active and available in their account, (5) moving the crypto off the exchange and paying another fee, (6) doing this repeatedly when wanting to send the crypto in portions to multiple wallets. By eliminating much of this process, the CP3 program has successfully automated the acquisition and movement of cryptocurrencies to desired locations in one fell swoop for the individual.
David Schwartz, CEO and Co-Founder of Cornerstone Global Management, LLC, likens the process to being as simple as pushing a button.
"It is time to eliminate much of the current process for the purchasing and movement of cryptocurrency assets," states David. "By streamlining it in this manner, CP3 has essentially created the crypto ecosystem's first 'Easy Button' moment for being paid in cryptocurrencies like we receive our normal pay. I cannot wait to see this process in action in every region of the planet."
Eliminating the need to use an exchange is critical, but even more exciting is the idea that 'banking the unbanked' is a reality as well.
Since the direct deposit goes to a designated account that does not belong to the employee, the fact they receive cryptocurrencies into a wallet without actually owning a bank account themselves opens the flood gates for billions of people globally to now receive pay for services worked directly into their cold/warm storage wallet, crypto interest bearing account, crypto IRA, cellphone wallet, crypto debit card or anywhere else a wallet is available without having to personally have a bank account.
It also means sending money home to loved ones who may live in another state or country is automated and instantly executed on the employee's regular pay schedule. No unnecessary trips to the local Western Union, or paying high fees for wire or PayPal transfers.
If you would like to know more about either Uphold, Inc. or Cornerstone Global Management, LLC's CP3 program, please visit https://cornerstoneglobalmgt.com or find them at @CornerstoneGlo2 on Twitter.
The world is full of options. How you're paid should be one of them.
About Uphold, Inc.:
Uphold serves 184+ countries, across 30+ currencies (traditional and crypto) and commodities with frictionless foreign exchange and cross-border remittance for members around the world. Since our launch in 2015, Uphold has powered more than US$4+ billion in transactions.
Uphold combines a platform app model with payment connectivity to offer financial services to a global market. Uphold empowers innovation in financial services through a platform approach where app developers and fintech partners can leverage Uphold's reach through licensed relationships with banks and financial services partners around the world. Built on a core of proprietary technologies and e-money apps, Uphold embraces a future where people and businesses around the world have access to safe, transparent, fair and affordable financial services.
About Cornerstone Global Management, LLC:
Cornerstone Global Management, LLC is a service oriented company created to provide awareness, education and viable products based around respectable and trusted cryptocurrencies. Its revolutionary CP3 (Crypto Pay & Pension Plan) program provides employees the opportunity to automatically convert any portion of their pay into crypto and have it sent immediately to any wallet that holds Bitcoin, Litecoin or Ethereum. To learn more, visit https://cornerstoneglobalmgt.com. "The world is full of options. How you're paid should be one of them."
SOURCE Uphold
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