Bitcoin.com Exchange Prepares Initial Listing of Universal Protocol Alliance Mega-Utility Token
Universal Protocol Token (UPT) to Be Listed November 20th
Bitcoin.com Exchange will provide an initial exchange listing to support the first interoperable mega-utility token, the Universal Protocol Token (UPT). UPT is backed by the Universal Protocol Alliance, a group of leading blockchain organizations including Cred, Bittrex Global, Uphold, Blockchain at Berkeley, CertiK and OmiseGO. Bitcoin.com Exchange supports the Universal Protocol Alliance and its mission to provide blockchain interoperability, mainstream consumer safeguards, and practical applications for blockchain that reduce the time, effort and cost for businesses and consumers as well as local governments.
“We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies – much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.”
“At Bitcoin.com Exchange we believe in tokens that tie communities and ecosystems together,” said David Shin, head of Bitcoin.com Exchange. “UPT is a perfect example of how an alliance of strong and active members can come together to create higher utility for its respective users. The very concrete and practical work the Alliance has done, the successful track record of its members, and the overarching mission of the Alliance aligns well with the key criteria we look for at the Bitcoin.com Exchange.”
In addition to listing UPT, Bitcoin.com Exchange will also be listing Universal Protocol Stablecoins, including the Universal Dollar (UPUSD), Universal Euro (UPEUR), in addition to an ERC-20 version of Bitcoin, the Universal Bitcoin (UPBTC). Bitcoin.com Exchange will also support interoperability between the Ethereum protocol and the Simple Ledger protocol, and work with UP to develop Universal Yen (UPYEN).
Founded in 2018 to accelerate mainstream adoption of blockchain technology, the Universal Protocol Alliance is committed to producing viable and pragmatic use cases that can benefit consumers, businesses, and governments globally. Many need innovative solutions to move digital assets seamlessly across disparate wallets, exchanges, and networks. In addition to the substantial contributions made by UP Alliance members, each member organization will integrate and incorporate UPT directly into their businesses, which will be announced soon by the UP Alliance.
“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with each other,” said JP Thieriot, co-founder of the UP Alliance and Uphold. “We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies – much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.”
Digital assets like Bitcoin Cash and Ethereum currently operate on disparate blockchains and cannot communicate with each other. Collaboration in meaningful ways without costly workarounds remains difficult, resulting in critical inefficiencies. Universal Protocol Platform has a unique solution to solve this communication problem, one that will enable all existing cryptocurrencies to become available, and fungible, on one blockchain network: the introduction of Proxy Tokens.
Universal Protocol recently demonstrated a payment solution for vendors called Cred Merchant Solutions, which allowed elected California officials, along with members of the community, to purchase goods at a vendor with Bitcoin Cash (BCH). This mechanism permits merchants to settle transactions in the Universal Dollar in real-time, and transmits the tax remittance to the appropriate government authorities. Universal Protocol has declared its support for California Assembly bill AB 953, which would permit the California state government to accept tax remittances in stablecoins like the Universal Dollar. This resolves a significant tax-collection issue for governments, and paves the way for comprehensive adoption across the state – and the world – of digital assets.
“We are thrilled to build technology that solves real problems for customers, merchants, and elected officials to help usher in the next 100 million users of blockchain,” said Dan Schatt, co-founder of the Universal Protocol Alliance and Cred. “Not only does blockchain technology result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.”