UPA Announces Three Tokens On Bittrex Global, Offering Lower Fee Structuring For UPT Holders
UPA Announces Three Tokens On Bittrex Global, Offering Lower Fee Structuring For UPT Holders
March 20, 2020
UPA Announces Three Tokens On Bittrex Global, Offering Lower Fee Structuring For UPT Holders
UPA Announces Three Tokens On Bittrex Global, Offering Lower Fee Structuring For UPT Holders
March 20, 2020

The Universal Protocol Alliance (UPA) officially announced that the three tokens – Universal Dollar (UPUSD), the Universal Euro (UPEUR), and the Universal Protocol Token (UPT) have been listed on Bittrex Global, offering a lower fee structure for UPT holders.

It has been reported that the Alliance stated that the UPUSD and the UPEUR stablecoins are collateralized 1:1 with their respective fiat currencies, while UPT is going to offer benefits directly to Alliance members. 

However, according to the announcement, these tokens will allow users to access an alternative to existing stablecoin products, many of which are also supported by the UP Platform. They will also offer lower volatility, and provide a special annual rate of returns.

With this listing, UPEUR becomes the first Euro stablecoin to debut in the industry.

This move will also target users residing in countries with high inflation, giving them a way to store their digital assets on a 1:1 basis in licensed banks.

ALSO READ :  KPMG Launches KPMG Chain Fusion, A Cryptocurrency Management Suite

Likewise, Tom Albright, the CEO of Bittrex Global, praised the announcement by stressing that this news is going to help projects like the Universal Dollar and the Universal Euro go mainstream.

Albright added:

“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.” 

It has been analyzed that users looking to generate a return can stake their UPUSD through the CredEarn application in Uphold.

The technology behind the UP platform, as detailed by the Alliance, gives the following attributes to the Universal Dollar:

  • Key recovery: Users can recover their funds if they lose their private keys.
  • Inheritability: Users can name “beneficiaries” who can call the assets after prolonged account dormancy. 
  • Detachability: Control over their assets can be delegated to a centralized exchange.
  • Dynamic code generation: The Universal Protocol Platform employs smart contracts to generate tokens.

Moreover, JP Thieriot, the co-founder of the Alliance, commented:

“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.”

The Alliance is a coalition of cryptocurrency and blockchain companies that seeks to accelerate the adoption of blockchain as a mainstream financial technology.

ALSO READ :  Chainalysis Finds Terrorists Are Refining Their Financial Operations Using Cryptocurrencies

Thus, it includes organizations such as Bittrex Global, Cred, Uphold, Blockchain at Berkeley, and CertiK.

Source: cointelegraph.com | Image: thecryptosight.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.