BitGo, a leading blockchain security and cryptocurrency custodian based in California, has formed a strategic alliance with the Universal Protocol Alliance. The partnership will enable BitGo to offer support for the latter’s cryptoassets, including its U.S. dollar (UPUSD) and euro-pegged (UPEUR) stablecoins, according to a Business Wire press release on December 6, 2018.
BitGo Supports Universal Tokens
Per sources close to the matter, BitGo, a highly-reputed cryptocurrency custodian and institutional cryptocurrency financial services company is now offering support for all tokens from the stables of the Universal Protocol Alliance (UP).
In a bid to make it possible for different blockchains to interact with one another in a frictionless way, Universal Protocol Alliance has developed the Universal tokens.
The team claims its Universal Tokens break all the barriers hampering the seamless interoperability of blockchain-based virtual currencies and allows all digital assets to become accessible on a single network.
BitGo clients will now have access to Universal Protocol’s innovative tokens, including the Universal Bitcoin, which the firm says is an Ethereum-powered version of bitcoin, the Universal Dollar (UPUSD) and the Universal Euro (UPUSD) stablecoins which are pegged to the U.S dollar and the euro, respectively.
Commenting on the development, the CEO of BitGo, Mike Belshe noted that the firm is excited to work with Universal Protocol in solving the interoperability issues plaguing the cryptospace:
“We’re pleased to be supporting a standard that can move the cryptocurrency ecosystem forward by solving issues of interoperability and the safeguarding of cryptos.”
Built on a Solid Foundation
At a time when stablecoins have begun gaining significant traction in the digital currency space, as crypto holders see it as a tool for circumventing the wild volatility of bitcoin and altcoins, the Universal Protocol team claims to have mapped out ways to succeed where Tether (USDT) has failed.
UP says it will continuously publish the value of all its digital assets in custody on a public blockchain in real-time, and third-party auditors will be engaged to audit its fiat reserves and share the financial status of the platform with its community.
The Universal Platform was reportedly formed by a group of distributed ledger technology (DLT) firms including Uphold, Cred, Brave, Blockchain at Berkeley, and FBG capital. The primary objective of the Universal Protocol is to enable instant conversion of tokenized digital assets including cryptocurrencies, securities, and private equities.