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Cryptocurrency custodian and security firm BitGo has announced that it will support the Universal Protocol Platform and its family of tokens.
In August, Uphold, Brave Software, Cred, Blockchain at Berkeley and FBG Capital, came together to launch the Universal Protocol Alliance with the objective of accelerating the adoption of blockchain and cryptocurrencies. They are developing the UP Platform, which has received support from leading digital asset management funds including Dekrypt Capital, Alphabit, and Arrington XRP Capital.
Currently, crypto assets such as bitcoin and ether cannot interact with one another as they exist on separate blockchain platforms. This prohibits meaning collaborations of these projects, resulting in significant inefficiencies with complex and often costly workaround solutions. The UP Platform addresses these challenges by allowing all cryptocurrencies to become accessible on a single network through the introduction of Universal Tokens or “Proxy Tokens”.
“Providing a common language through which incompatible protocols can ‘reason’ with each other, UPP will reduce the time, cost and risk of trading digital tokens and cryptocurrencies,” the website reads.
The first set of tokens to be supported by the platform 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.
According to the official release, 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.
