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.
Latest News Releases from #BusinessOfCrypto
- SALT Lending on the inquiries about the state of their business
- traceto.io Partners with AI Trading Platform
- Fintech company Nexo offers to buy SALT Lending
- Etheremon launches new game mode that gives players full control of their in-game assets
- Open Data Exchange Raised Over 60 MM USD in Private Placement from Pantera, BlockTower and others
- Zilliqa announced blockchain grants for technology developers
- Wyre acquired Hedgy, platform for smart contracts on Bitcoin
- Universal Protocol - new platform for practical interoperability of blockchains - gets backing of capital asset management firms
- Blockchain KYC Platform traceto.io Partners with Yincubator
- FundRequest launches a Blockchain Marketplace that Rewards Developers for Open Source Contributions