Universal Protocol Platform, the alliance that aims to abstract any cryptoasset to make blockchains interoperable via a custody solution, got its first established institutional financial service provider on board. It is BitGo, currently the leader in business cryptoasset custody on the market.
“We’re pleased to be supporting a standard that can help move the crypto community forward by solving issues of interoperability and the safeguarding of crypto assets,” said Mike Belshe, CEO of BitGo.
Auditing firm also aboard
Universal Protocol Platform previously partnered with Uphold, Cred (Libra Credit), Brave Browser and Blockchain at Berkeley. The project is lead by several senior members of Uphold team which should guarantee experienced management - Uphold has been operating in the blockchain industry since 2014 without major hurdles. Funding for the development was also secured earlier in 2018, the UP alliance raised … from FBG, Arrington, Dekrypt and Alphabit.
Cred, one of the Universal Protocol Platform’s founding members, also recently entered a joint business relationship with PwC, the audit and assurance provider. This should ensure full transparency of the custody solution Universal protocol works on.
Stablecoins with advanced benefits
The first batch of Universal tokens will include the Universal Bitcoin (an Ethereum based version of Bitcoin) and two new stablecoins: the Universal Dollar (UPUSD) and the Universal Euro (UPEUR).
The stablecoins provided by UP are collateralized assets aiming to provide standard fiat-like benefits such as yield or credit.
The Universal Protocol Platform promises to publish the value of its assets in custody in real-time on a public blockchain. Additionally, audit reports will be regularly shared with the community to prove the financial soundness of the system.
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