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Cryptocurrencies

Bittrex teams up with Universal Protocol Alliance to support crypto users

Wednesday 30 January 2019 | 12:49 PM CET

Bittrex International has joined Universal Protocol Alliance, a coalition of blockchain organisations, to support crypto assets users.

Uphold, Cred, Blockchain at Berkeley, Brave are also part of the alliance that aims to support a universal transparent reserve and custody standard that mints and burns Proxy tokens via the Universal Protocol Platform (UP Platform).

The UP Platform, which plans to introduce the Universal Dollar and Universal Euro at the end of January 2019, serves as the hub for the creation and management of ‘proxy’ tokens and user features that will drive mass user adoption of cryptocurrencies.

Currently, digital assets like Bitcoin and Ethereum exist on separate blockchain platforms and cannot interact with one another. The UP Platform looks to solve this issue and allow all cryptocurrencies to become accessible on a single network through the introduction of Proxy Tokens. These tokens are digital representations of their underlying assets and can exist on other blockchains.

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