Largest Bitcoin Processor Supports Universal Protocol Tokens
BitGo, the market leader in institutional cryptocurrency financial services, will support the Universal Protocol Platform and its family of 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). These interoperable tokens are minted in a fully transparent process on the blockchain.
@DanSchatt, 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.”
“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. This results in significant inefficiencies as separate blockchain projects are unable to collaborate in any meaningful way, without complex and often costly workaround solutions. To date, this has greatly hindered innovation in blockchain and the realization of its vast potential to fundamentally disrupt a wide array of economic, social and industrial sectors. 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 UP Platform, which recently announced early backing by a group of leading institutional investors, serves as the hub for the creation and management of ‘Universal’ tokens and user features that will drive mass user adoption of cryptocurrencies.
The Universal Platform is created by the UP Alliance, a group of pioneering blockchain companies whose mission is to provide critical building blocks to support the next 100 million users of Crypto. The founding members of the coalition include 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.
The platform will enable a new world of tokenized digital assets – ranging from Universal blockchains such as Bitcoin, to Universal securities and Universal Private Equity and will facilitate the instant and seamless conversion of different forms of value. In doing so, the UP Platform will unlock the vast and untapped full potential of blockchain to transform how individuals and businesses store and transfer value, with Universal Tokens representing the next generation of digital money.