Crypto Custodian BitGo Adds Support For Universal Protocol Platform’s Ethereum Tokens
The UP platform was launched earlier this year by the Universal Protocol Alliance, a coalition of cryptocurrency companies and blockchain pioneers, including Uphold, Brave Software, Cred, Blockchain at Berkeley and FBG Capital. The platform is utilzing the ethereum blockchain to store value and business logic for any cryptoasset, where the underlying token is held by a custodian. It allows all cryptocurrencies to become accessible on a single network through the introduction of Universal Tokens.
“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 first set of Universal Tokens that will be supported by BitGo are the Universal Bitcoin, an ethereum based version of bitcoin, Universal Dollar (UPUSD) and the Universal Euro (UPEUR). UPUSD and UPEUR are stablecoins that will allow investors around the globe to access higher yields on deposits and enable holders to access flexible loans with single-digit rates of interest. According to UP, these three interoperable tokens are minted in a fully transparent process on the blockchain.
“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.
“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.”