The Goldman Sachs funded Crypto Custodial service BitGo announced that they recently joined up with the Universal Protocol Alliance.
The Universal Protocol Alliance is a group of companies promoting the Universal Protocol Platform that enables interoperability across blockchains.
Universal Protocol (UP) Platform
One of the biggest problems in cryptocurrency today is that certain tokens and blockchain technology aren’t cross-platform. For example, someone cannot use Bitcoin on Ethereum’s blockchain.
The goal of the UP platform is to change that.
Recently, the alliance launched a Bitcoin-UP Platform Token called Universal Bitcoin.
They also launched two stablecoin UP Platform tokens: The Universal Dollar (UPUSD) and the Universal Euro (UPEUR) not too long ago as well.
The UP Platform will make it easier for institutional investors to get into cryptocurrencies. It will give them tools they are used to. For an example, it could allow them to borrow fiat against their crypto assets.
The UP Platform could also be used by exchanges, making it easier to add trading pairs by representing them with certain tokens on the UP Platform.
The Universal Protocol (UP) Platform enables these tokens to exist on the same platform in the form of “universal tokens”.
BitGo is a crypto service company that provides clients with security, compliance, and custodial solutions.
In 2013, the company introduced the industry’s first multi-signature hot wallet.
Today, BitGo is the world’s largest processor of on-chain Bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies.
BitGo supports over 100 coins and tokens, and has over $2 billion in assets in wallet. Our customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, Bitgo introduced BitGo Custody and launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets.
BitGo is backed by Craft Ventures, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
Creating a universal token is definitely an interesting concept because this will allow people to do all their trading as well as crypto investing all under one platform. As more companies in the blockchain space join up with this alliance, it would be good to see what they can put together in a universal platform.