Crypto Wallet Provider Ledger Joins The Universal Protocol Alliance

Blockchain, Group, News | June 11, 2020 By:

Hardware wallet security firm Ledger has joined the Universal Protocol Alliance, a coalition of blockchain firms that seeks to accelerate the adoption of blockchain as a mainstream financial technology.

Founded in 2014, Ledger develops security and infrastructure solutions for cryptocurrencies as well as blockchain applications for individuals and companies, by leveraging a distinctive, proprietary technology. The company’s products include the Ledger hardware wallet line, which has already sold in 165 countries. The firm also has an enterprise infrastructure technology platform, called Ledger Vault, that brings the security and trust that the digital asset community has come to know from the company’s hardware wallets.

The Universal Protocol Alliance was formed in 2018 by cryptocurrency companies and blockchain pioneers, including Uphold, Brave Software, Cred, Blockchain at Berkeley and FBG Capital. The mission of Universal Protocol is to make all cryptocurrencies interoperable, in a form that is more secure and convenient than what is currently available. To date, the Alliance has released three UP Stablecoins and Tokens: Universal Dollar (UPUSD), Universal Euro (UPEUR), and UPBTC (Bitcoin). Universal Protocol recently listed UPEUR, UPUSD, the Universal Protocol Token (UPT) on Bittrex Global, a critical member of the UP Alliance.

As a member, Ledger will serve as the digital asset wallet partner to the Alliance. Ledger hardware devices and the Ledger Vault are currently compatible with all Universal Protocol Tokens. This utility complements contributions from other UP alliance members.

“The Universal Protocol Platform’s technology is beneficial to the entire blockchain industry, as it allows many types of digital assets to be created, and all cryptocurrencies to be converted on a single network,” said Demetrios Skalkotos, Global Head of Vault, Ledger. “We are honored to be a part of UP Alliance, which can be touted as the developer of the first fully transparent set of stablecoins and a highly valuable mega utility token (UPT). Those looking to solve very practical problems such as the safeguarding of their digital assets can put their trust in our institutional product as it directly compliments UP’s focus.”

Dan Schatt, co-founder of the Universal Protocol Alliance and Cred, said that Ledger’s fully customizable enterprise solutions, which have been tailored to the protection of crypto assets for banks, hedge funds, exchanges, and high net worth individuals, is the future of digital asset custody tech solutions.

“Their platform, powered by best-in-class technology, will aid in the mass implementation of blockchain technology that utilizes UPUSD, UPEUR, UPT and other UP tokens,” Schatt said. “Ledger’s comprehensive solution will contribute to UPT as a mega utility token and will also further complement and work with the other Alliance members.”