Crypto Exchange Bittrex Joins Bockchain Group Universal Protocol Alliance

Announcements, Blockchain, Group, News | January 30, 2019 By:

Cyptocurrency exchange Bittrex has joined the Universal Protocol Alliance, a coalition of blockchain firms that seeks to accelerate the adoption of blockchain as a mainstream financial technology.

The Universal Protocol Alliance was formed last year by cryptocurrency companies and blockchain pioneers, including Uphold, Brave Software, Cred, Blockchain at Berkeley and FBG Capital. Its primary objective is to enable instant conversion of tokenized digital assets including cryptocurrencies, securities, and private equities.

Bittrex joined the alliance to support “a universal transparent reserve and custody standard that mints and burns proxy tokens via the Universal Protocol Platform (UP Platform),” which serves as the hub for the creation and management of proxy tokens and user features that will drive mass user adoption of cryptocurrencies.

At present, cryptocurrencies, such as bitcoin and ethereum, exist on separate blockchain platforms and cannot interact with one another,” which results in significant inefficiencies as separate blockchain projects are unable to collaborate in any meaningful way. The UP Platform looks to solve this issue and allow all cryptocurrencies to become accessible on a single network through the introduction of proxy tokens, which 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.”

The UP Platform plans to introduce the Universal Dollar (UPUSD) and Universal Euro (UPEUR) later this month. 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.

“The Universal Protocol Alliance is coalition of companies promoting a new technology that gets stronger as the network of members and use cases gets bigger,” said Dan Schatt, Chairman of the UP Alliance and Co-founder of Cred. “We are actively seeking partners that would like to benefit from this new technology that we believe will set the standard for transparency, convenience, and make an unprecedented amount of liquidity available for the ecosystem.”