BitGo joins Universal Protocol Alliance
Dec 10, 2018
Monday 10 December 2018 | 10:52 AM CET
BitGo , an institutional cryptocurrency financial services provider, has announced supporting 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. 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, according to the official press release. 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 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.