The last few weeks have seen unprecedented interest in cryptocurrencies and a corresponding surge in enquiries from both new and existing customers.
We haven’t been able to provide anything like the customer service we’d like during this avalanche and recognise that we’ve let many of you down. We’re deeply sorry. We appreciate that there’s nothing more annoying than temporary account restrictions and slow response times.
We’d like to explain the challenges we’ve faced and how we’re turning the page over the next few weeks to introduce a vastly-improved customer experience.
Like other crypto platforms, we’ve seen dramatic spikes in both sign-ups and trading activity that have deluged our already-busy teams. Adding and training extra support staff quickly enough - a challenge in the best of times - has proven to be doubly difficult during lockdown.
We’ve also suffered from inefficiencies created by legacy fraud and compliance policies and systems that, in normal times, are constantly contending with the advancements of scammers and bad actors, but were not optimized to cope with the 50x increase in volumes we’ve seen.
The result has been a backlog of tickets that has clogged up our system and created unacceptable wait times for you. We’re taking action to make sure this never happens again.
The past few weeks have led us to conduct a root-and-branch review of our policies as well as a substantial reengineering of our platform. Starting this week, and over the next few months we’ll be introducing changes that will transform your experience at Uphold.
Here are some of the highlights:
- In the U.S., we’re introducing electronic identity verification. For most U.S. users, this will mean seamless verification without having to take a selfie and far lower failure rates.
- We’ll be collecting more info upfront so that we don’t interrupt your trading experience later when you pass certain thresholds. Our goal is a seamless experience with less hassle. Anti-money laundering information will be collected in-app (in seconds), as opposed to through email or other outside channels.
- We‘re slashing the number of situations in which we restrict your account - in fact, we’re cutting it by almost half - as we reward lower-risk customers for good standing.
- You’ll have to contact customer service less because you’ll be able to self-serve in the app for things like changing your email address or 2-factor authentication, without needing any help from us.
- We’re introducing rules that mean if you make a mistake in your declared info - such as a digit wrong in your date of birth - you can correct it without having your account restricted.
- We’re introducing telephone support so you can actually speak to someone when you encounter problems you can’t fix on your own.
- Our clunky 2-factor authentication Security measures - which require you to use a third-party app - are being scrapped and replaced with face-recognition technology for supported devices on our mobile app.
- The frustrations people have with not being able to deposit and withdraw Tier 4 currencies will be resolved as we move towards full integration with all of the blockchains we cover.
These are just some of the changes we’ll be making for the better over the next few weeks and months. None of which even touch on new features like limit orders or the launch of our extremely popular debit card in Europe.
We are in the process of rolling out a vastly improved Uphold. In the meantime, thanks for bearing with us and understanding the challenges of the past few weeks. Our goal is to thrill and delight through innovation and excellent service. We will ensure that your patience is rewarded.