San Francisco – Bittrex International has joined a coalition of leading blockchain organizations, including Uphold, Cred, Blockchain at Berkeley, and Brave, to support universal and transparent storage and custody standards. These standards enable the creation and redemption of proxy tokens through the Universal Protocol Platform (UP Platform), which plans to introduce Universal USD and Universal EUR later this month. The platform will serve as a hub for managing proxy tokens and user identities, accelerating mass adoption of cryptocurrencies.
Bill Shihara of Bittrex International stated:
"We're thrilled to join this alliance of like-minded companies focused on incubating blockchain technologies and mainstreaming projects. The industry needs solutions that foster trust and transparency—this platform will drive usability and large-scale adoption."
Founding Members Include:
- Uphold – A digital money platform founded in 2014 with over 1 million users globally, processing $4B+ in transactions.
- Cred – Founded by ex-PayPal executives, Cred offers a revolutionary lending/earnings platform for digital assets, backed by $300M+ in lending capital.
- Brave – Created by JavaScript inventor Brendan Eich, Brave enhances web privacy and digital advertising via its Basic Attention Token.
- Blockchain at Berkeley – UC Berkeley’s academic hub providing education, consulting, and R&D for major blockchain projects.
Brendan Eich, co-founder of Brave, remarked:
"The Universal Protocol Platform addresses real usability challenges for hundreds of millions of future digital asset users."
Key Innovations:
- User-Friendly Security: Features like recoverable private keys and inheritance options enhance crypto accessibility.
- Interoperability: Proxy tokens allow cross-chain functionality (e.g., Bitcoin on Ethereum), enabling seamless asset exchange and smart contract integration.
- Tokenized Assets: From proxy securities to private equity, the platform unlocks instant value conversion across asset classes.
JP Thieriot, President of the Universal Protocol Alliance, compared the platform’s potential to TCP/IP’s role in unifying the early internet:
"This technology could bridge fragmented blockchains, just as protocols connected disparate networks."
Dan Schatt, Alliance Chairman, added:
"We’re actively seeking partners to leverage this transparency and liquidity benchmark for the ecosystem."
FAQs
1. What are proxy tokens?
Proxy tokens are digital representations of underlying assets (e.g., Bitcoin) that can operate on foreign blockchains, enabling cross-chain functionality.
2. How does the Universal Protocol Platform improve crypto usability?
It simplifies processes like key recovery and asset inheritance while introducing stablecoins (Universal USD/EUR) for everyday transactions.
3. Which companies are part of the alliance?
Founding members include Uphold, Cred, Brave, Blockchain at Berkeley, and now Bittrex International.
👉 Explore how proxy tokens revolutionize blockchain interoperability
4. Why is interoperability critical for blockchain growth?
Without it, siloed networks hinder collaboration and innovation. Proxy tokens act as a "universal language" for cross-chain value transfer.
5. When will Universal USD and EUR launch?
The platform plans to roll out these stablecoins later this month.
For the original press release, visit BusinessWire.
Contact:
Addison Huegel – [email protected]
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