Uphold, a platform to deal in 8 different sorts of cryptocurrencies with various fiats, announces to have been enlisted with the Universal Protocol Alliance. The alliance brings the Universal Protocol Platform to them, enabling Uphold to deal in every cryptocurrency over their network. Uphold has partnered with the likes of Brave, Blockchain at Berkley and Cred (formally, Libra Credit) to take the alliance throughout the digital crypto world setting their own standards and advocating them.
The Universal Protocol Platform, of which the FBG Capital is the lead investor, seeks to terminate the issue that separate crypto dealing platforms are there for sure but the platforms are not designed to interact with each other. The Universal Protocol Platform (The UPP) is set to spare the users the hefty job of using an exchange to convert the fiat currencies to equivalent and vice versa.
Uphold, previously known as Bitreserve, encompassed 8 cryptocurrencies to be deal in, supporting several (but still not many) fiat currencies. The addition of the UPP has rendered their system universal, besides setting sights to build a universal system to consequently getting rid of different exchanges. The formation of the alliance incorporates a new token, the ERC-20 compatible proxy tokens. This according to Uphold allows the financial dealings over a single network supporting each cryptocurrency the digital monetary realm has to offer. This has been designated with the eventual task to increase blockchain adoption around the globe except from sorting issues for increased global cryptocurrency.
UPP has been devised so as to sort out the grandest issues the blockchain technology faces that is to provide a common language that can be used by the ‘incompatible protocols’ to ‘reason’ with each other hence, sparing the users a lot of time, potential crypto trading threats and money. The Universal Protocol Alliance is funded (as of yet) by FBG Capital, Alphabit, Dekrypt Capital and the Arrington XRP Capital.
September 7 sees the coronation of a new chief executive officer for Uphold, JP Thieriot, a co-founder of the very platform. The previous CEO, Adrian Steckel according to Uphold themselves has left for another venture titled, OneWeb to serve there as the CEO. OneWeb is a gigantic broadband pool which is satellite based. Though the web page for the UPP shows Adrian as the CEO at Uphold which eventually is the founding member of the alliance, the recent statement by the Uphold folks reflect on the case otherwise.