UPHOLD
IG Group’ s recent entry into cryptocurrency trading illustrates the scale of this challenge.
The publicly traded spread betting and CFD provider could have invested in building its own digital asset infrastructure but chose a different path, becoming the first UK-listed company offering cryptocurrency access to retail investors within three months of starting the process.
This partnership model reflects Uphold’ s enterprise strategy. While millions of consumers use its trading app directly, the company also provides the same underlying infrastructure to other businesses through enterprise APIs.
Partners handle customer experience and user interface design, whilst Uphold manages the technical complexity behind the scenes.
“ We let them deliver their own experience, but we are under the hood providing all of the infrastructure,” Robin explains.
“ There aren’ t many companies in the world that have taken the more conservative regulatory path from the beginning”
Robin O’ Connell, CEO of Enterprise Business Unit, Uphold
The infrastructure challenge e xtends far beyond connecting to cryptocurrency exchanges.
Companies must simultaneously navigate payment processing restrictions, source reliable liquidity across hundreds of digital assets, integrate with multiple blockchain networks and maintain compliance across different regulatory jurisdictions. Each layer presents significant barriers that can delay market entry by years.
Uphold: The answer to building infrastructure in-house The resource requirements for independent development extend beyond capital investment to specialised expertise that remains scarce in traditional financial services.“ Imagine having to hire scores of compliance experts in crypto,” Robin says.“ It’ s possible, but it takes a lot of time and money.”
Uphold took the early strategic decision to prioritise regulatory compliance over rapid growth, and this approach is now providing competitive advantages as markets mature. Many cryptocurrency companies focused on expansion during the industry’ s early years, but Uphold chose what Robin describes as“ the more conservative regulatory path” from inception.
This approach required significant upfront investment but positioned the company well as regulatory frameworks continued to shift.
58 September 2025