Crypto financial services company BitGo will support the Universal Protocol Platform and its tokens. The UP Platform allows all cryptocurrencies to become accessible on a single network through the introduction of Universal Tokens.
The first set of tokens to be supported include the Universal Bitcoin (an ethereum-based version of bitcoin), and two Stablecoins — the Universal Dollar (UPUSD) and the Universal Euro (UPEUR).
“We’re pleased to be supporting a standard that can help move the crypto community forward by solving issues of interoperability and the safeguarding of crypto assets,” said Mike Belshe, CEO, BitGo.
Currently, digital assets like bitcoin and ethereum exist on separate blockchain platforms and cannot interact with one another. Thus, separate blockchain projects are unable to collaborate in any meaningful way without complex workaround solutions.
The UP Platform looks to solve this issue and allow all cryptocurrencies to become accessible on a single network through the introduction of Universal Tokens.
The Universal Platform is created by the UP Alliance, a group of blockchain companies including Uphold, Cred, Blockchain at Berkeley, Brave, and FBG capital.
“We’re thrilled to welcome BitGo’s support of the Universal Platform standard and its family of Tokens,” said Dan Schatt, chairman of the UP Alliance. “BitGo’s experience and thought leadership will help support the Alliance scale its services to support the growing retail and institutional crypto community.”
“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with one other,” said JP Thieriot, President of the UP Alliance and co-founder of Uphold. “We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies, much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.”
The UP Platform will publish the value of its assets in custody in real-time on a public blockchain. The reserve will also be subject to quarterly third-party audits that will be shared with the community to demonstrate the financial soundness of the Proxy Token ecosystem.
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