Universal Protocol - new platform for practical interoperability of blockchains - gets backing of capital asset management firms SINGAPORE

Universal Protocol - new platform for practical interoperability of blockchains - gets backing of capital asset management firms

You are reading about: "Universal Protocol - new platform for practical interoperability of blockchains - gets backing of capital asset management firms"

Addison Huegel / ahuegel@elevatorpr.org

Published August 8, 2018

Universal Protocol Platform, an alliance of blockchain and digital asset companies, has announced a new round of investors supporting the project.

The lead investor of Universal Protocol Platform remains FBG Capital who is also one of the lead investors in Zilliqa, the scalable high-throughput blockchain project.

Three other capital management firms have joined the list of Universal Protocol Platform initial investors - Arrington XRP Capital, Alphabit and Dekrypt Capital.

About Universal Protocol Platform

Universal Protocol Platform is a new alliance of blockchain technology companies that work on the solution for the blockchain interoperability problem.

To allow for value transfer between incompatible decentralized networks, Universal Protocol Platform devised an ERC20 Proxy Token to rely information between diverse blockchains without the scaling limitations of atomic swaps.

About The Proxy Token

The proxy tokens are designed to function as a representation of any asset on any other blockchain, which allows the UP platform to natively work with mainstream blockchains such as Bitcoin or Ethereum. This is a practical advantage compared to existing interoperability protocols such as Cosmos where each blockchain needs to be first added as a zone.

The UP Platform aims to solve not only the technical issues of blockchain interoperability but also the problem of cryptocurrency custody which may prove costly for institutions holding cryptocurrencies on different blockchains.

Using UP Platform, the value of the issued Proxy Token derives directly from its matching asset which is kept in a custody of the company reserve.

While current centralized cryptocurrency exchanges could benefit from blockchain interoperability as it would streamline the process of token listing, the CEO of Alphabit Fund Liam Robertson points out particularly the potential of this technology to drive wider adoption of alternative blockchain assets by financial institutions.

To learn more visit www.universalprotocol.io.


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