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Cryptocurrency exchange Bittrex International has joined the Universal Protocol Alliance, a coalition of blockchain organizations formed last year.
In August 2018, 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.
Bittrex International has joined the initiative to support “a universal transparent reserve and custody standard that mints and burns Proxy tokens via the Universal Protocol Platform (UP Platform).”
Currently, digital assets like Bitcoin and Ethereum exist on separate blockchain platforms and cannot interact or collaborate with one another in a meaningful way, which results in significant inefficiencies. The UP Platform looks to solve this issue through Proxy Tokens.
Proxy Tokens are digital representations of their underlying assets and can exist on other blockchains. Using these Proxy Tokens, the UP Platform creates a “common universal language” that allows distinct blockchains and token-based projects to interact freely and frictionlessly with each other.
“We’re thrilled to join an Alliance of like-minded blockchain companies dedicated to incubating blockchain-based technologies and helping projects go mainstream,” said Bill Shihara, Bittrex International. “The blockchain industry needs technology that can build trust and transparency, and the platform the Alliance has built should help drive mass utility and adoption.”
According to the official release, the UP platform plans to soon introduce the Universal Dollar and Universal Euro.
“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,” said JP Thieriot, President of the UP Alliance and Co-founder of Uphold.
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