Bittrex Global lists first Euro Stablecoin
March 21 2020 - 12:00AM
JCN Newswire (English)
VADUZ, Liechtenstein, Mar 21, 2020 - (ACN Newswire) - The
Universal Protocol Alliance, a coalition of leading blockchain
organizations including Bittrex Global, Cred (mycred.io), Uphold
(uphold.com), Blockchain at Berkeley, and CertiK (certik.org),
today announced the listing of three tokens on Bittrex Global: the
Universal Dollar (UPUSD), the Universal Euro (UPEUR), and the
Universal Protocol Token (UPT).
The Universal Dollar (UPUSD) is a USD-pegged stablecoin
collateralized 1:1 with the US Dollar, the Universal Euro (UPEUR)
is a EURO-pegged stablecoin collateralized 1:1 with the EURO, and
the Universal Protocol Token (UPT) is the Alliance utility token
that will offer holders valuable benefits from Alliance members.
Bittrex Global will be offering a lower fee structure for UPT
holders.
The Universal Dollar and Universal Euro: Transparency, Low Fees,
and Returns
The Universal Dollar and Euro stablecoins are aimed at users
looking for an alternative to existing stablecoin products, and
those looking for low volatility and a competitive annual rate of
return. In countries with high inflation or limited access to
traditional banking, users can now lend their EURO and USD-pegged
assets and earn interest. To earn a return, users can stake their
UPUSD via the CredEarn application on Uphold. In developed
countries, UPUSD and UPEUR provide a transparent and secure way for
users to store their digital assets held on a 1:1 basis licensed
and insured banks.
"We're thrilled to join an Alliance of like-minded blockchain
companies dedicated to incubating blockchain-based technologies and
helping projects like the Universal Dollar and Universal Euro go
mainstream," said Tom Albright, CEO of Bittrex Global. "The
blockchain industry needs technology that can build trust and
transparency, and the platform the Alliance has built should help
drive mass utility and adoption."
"Unlike other Stablecoins, the Alliance seeks to flood the value
substantiation process with daylight so it doesn't operate as a
black box. We provide customers verifiable confidence that they are
buying a fully-reserved Universal Dollar or Euro," said Dan Schatt,
Chairman of the Universal Protocol Alliance.
UPUSD and UPEUR will trade freely on Bittrex Global. For those
wishing to mint or redeem their stablecoins using USD or EUROs,
customers may open an account at Uphold (uphold.com), a member of
the Universal Protocol Alliance.
The technology underlying the UP Platform also enables the
Universal Dollar to inherit some unique attributes, including:
- Key recovery: Users can recover funds should they lose their
Private Keys. The key will be split into multiple shares and the
corresponding address embedded into the wallet. When two out of
three constituents (wallet owner and one of the third parties)
agree to recover the shares, the assets can be 'called' from the
lost wallet.
- Inheritability: Users can nominate beneficiaries who may 'call'
the assets after prolonged account dormancy. The exact period of
dormancy and the address will be configured during wallet set
up.
- Detachability: Users can 'delegate' control over their assets to
a centralized exchange in order to facilitate a temporary trading
session. After a session, the user can immediately take back
custody and hold them in the safety of their private wallet.
- Dynamic code generation: The Universal Protocol Platform employs
smart contracts to generate tokens in a generic fashion. If you
trust one UP token instantiation, you can trust the code integrity
of all UP token instantiations since the underlying code is
dynamically generated in the same manner.
"This is the first of many tokenized digital assets we intend to
introduce that will facilitate the instant and seamless conversion
of different forms of value," said JP Thieriot, Co-founder of the
Alliance. "In doing so, the UP Platform will unlock the vast and
untapped full potential of blockchain to transform how individuals
and businesses store and transfer value, with Universal Tokens
representing the next generation of digital money."
The Universal Protocol Alliance: Mass Adoption Through
Collaboration
The Universal Protocol (UP) Alliance is a growing coalition of the
biggest and most respected organizations in the world of blockchain
that have united around a new universal transparent reserve
standard that aims to attract the next 100 million users to
cryptocurrency. The combined expertise of each member organization
has enabled the Universal Protocol Platform to create unique
digital currency products designed to appeal to mainstream users on
a massive scale.
The Universal Protocol Platform allows for the minting, custody,
and storage of digital assets that allow for better digital asset
products, and the introduction of a set of safeguards required for
the mainstream adoption of cryptocurrency.
About the Universal Protocol Alliance
A coalition of cryptocurrency companies and blockchain pioneers,
the Universal Protocol Alliance seeks to accelerate the adoption of
blockchain as a mainstream financial technology by making digital
assets more accessible, secure and convenient to own.
- Alliance: www.universalprotocol.io
- Cred: https://mycred.io/
- Uphold: https://uphold.com/
- CertiK: https://certik.org/
- Blockchain at Berkeley: https://blockchain.berkeley.edu/
About Bittrex Global
Bittrex Global has one of the most secure trading platforms and
digital wallet infrastructures in the world where customers can
access exciting new products. Built on Bittrex's cutting-edge
technology, Bittrex Global provides a high-level experience for
professional and novice customers alike. Bittrex Global is
headquartered in the Principality of Liechtenstein near the
financial center of Zurich. Learn more at:
https://global.bittrex.com/
Media Contact
Tom Albright
tom@bittrex.com
Bittrex International GmbH
Source: Bittrex
Copyright 2020 ACN Newswire . All rights reserved. |
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