[ad_1]
Crypto Custodian BitGo adds support for the Universal Protocol Platform's Ethereum tokens
br>
BitGo has announced that it will support the Universal Protocol Platform and its token family.
The UP platform was launched at the start of the year by the Universal Protocol Alliance, a coalition of cryptocurrency companies and blockchain pioneers, including Uphold, Brave Software, Cred, Blockchain of Berkeley and FBG Capital. The platform is using the blockchain ethereum to store the 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 today's Blockchain, with many fragmented technology platforms unable to communicate with each other," said JP Thieriot, President of UP Alliance and Co-founder of Uphold. "We believe the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies, just like the innovation of TCP and IP protocols that pushed the Internet into mass adoption."
The first set of Universal Tokens to be supported by BitGo are Universal Bitcoin, an etherum version of bitcoin, Universal Dollar (UPUSD) and Universal Euro (UPEUR). UPUSD and UPEUR are stablecoins that will enable investors worldwide to access higher deposit returns and allow holders to access flexible loans with single-digit interest rates. According to UP, these three interoperable tokens are coined in a completely transparent process on the blockchain.
"We are pleased to support a standard that can help advance the crypted community, solving interoperability issues and protecting cryptographic resources," said Mike Belshe, CEO of BitGo.
"We are thrilled to welcome BitGo's support for the universal platform standard and its token family," said Dan Schatt, president of the UP Alliance. "BitGo's expertise and thought leadership will help support the Alliance scale in its services to support the growing retail and institutional crypto community."
Source link
