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Universal Protocol Alliance Prepares To Launch Euro Stablecoin

March 28, 2019

SAN FRANCISCO--(BUSINESS WIRE)--Mar 28, 2019--The Universal Protocol Alliance, a coalition of leading blockchain organizations including Bittrex International, Brave, Uphold, Cred, Blockchain at Berkeley, and CertiK, today announced it will launch the Universal Euro in April, the latest stablecoin offered in the family of Universal tokens and stablecoins that continue to be issued from the Universal Protocol Platform. The Universal Euro (UPEUR) is a Euro-pegged stablecoin that will be available directly on Uphold and participating exchanges will allow customers using CredEarn to earn interest on their stablecoin. It will also be accepted with industry leading crypto custodians and device providers such as BitGo and Ledger.

The Universal Protocol Alliance: Mass Adoption Through Collaboration

The Universal Protocol (UP) Alliance is a growing coalition of some of the most respected organizations in the world of blockchain that have united around a new universal transparent reserve standard that aims to attract the next 100 million users to cryptocurrency. The combined expertise of each member organization has enabled the Universal Protocol Platform to create unique digital currency products designed to appeal to mainstream users on a massive scale.

The Universal Protocol Platform allows for the minting, custody, and storage of digital ‘proxy’ assets that allow for better digital asset products, and the introduction of a set of safeguards required for the mainstream adoption of cryptocurrency.

“The UP Platform solves real usability and familiarity problems faced by the next hundred million users of digital assets,” said Brendan Eich, co-founder of Brave and creator of JavaScript.

The Universal Euro: Transparency, Low Fees, and Returns

The Universal Euro stablecoin is aimed at users looking to keep their assets in Euros, and those looking for low volatility and a competitive annual rate of return. In countries with high inflation or limited access to traditional banking, users can now lend their Euro-pegged assets and earn interest. To earn a return, users in eligible jurisdictions will be able to stake their UPEUR via the CredEarn application on Uphold. UPEUR provides a transparent and secure way for users to store their digital assets held on a 1:1 basis.

“The Universal Euro offers access to a high rate of return and the same commitment to code quality, investor safeguards and transparency. UPEUR is architected with institutional-level security in mind and designed to allow for quick, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or other digital assets. We’re thrilled to make this stablecoin available in the near future,” said Dan Schatt, Co-founder of the Universal Protocol Alliance and Cred.

The technology underlying the UP Platform also enables the Universal Euro to inherit some unique attributes, including:

Key recovery: users can recover funds should they lose their Private Keys. The key will be split into multiple shares and the corresponding address embedded into the wallet. When two out of three constituents (wallet owner and one of the third parties) agree to recover the shares, the assets can be ‘called’ from the lost wallet.

Inheritability: users can nominate beneficiaries who may ‘call’ the assets after prolonged account dormancy. The exact period of dormancy and the address will be configured during wallet instantiation.

Detachability: users can ‘delegate’ control over their assets to a centralized exchange in order to facilitate a temporary trading session. After a session, the user can immediately take back custody and hold them in the safety of their private wallet.

Dynamic code generation: The Universal Protocol Platform employs smart contracts to generate tokens in a generic fashion. If you trust one UP token instantiation, you can trust the code integrity of all UP token instantiations since the underlying code is dynamically generated in the same manner.

“The Universal Euro is part of a family of tokenized digital assets we have introduced that will facilitate the instant and seamless conversion of different forms of value,” said JP Thieriot, CEO of Uphold. “In doing so, the UP Platform will unlock the vast and untapped full potential of blockchain to transform how individuals and businesses store and transfer value, with Universal Tokens representing the next generation of digital money.”

About the Universal Protocol Alliance

A coalition of cryptocurrency companies and blockchain pioneers, the Universal Protocol Alliance seeks to accelerate the adoption of blockchain as a mainstream financial technology by making digital assets more accessible, secure and convenient to own. The Alliance Members consist of Bittrex, Cred, Uphold, Brave Software, Blockchain at Berkeley and CertiK.

Note: The information herein is provided for informational purposes only and is not an offer to sell, and shall not be deemed a solicitation of an offer to buy, any tokens. UPEUR is not available in all jurisdictions. Any offering or sale will be made in compliance with the laws of relevant jurisdictions, including those of any countries which prohibit the sale of digital assets or cryptocurrencies or who are located, organised or resident in a country or territory that is the subject of country-wide or territory-wide sanctions. CredEarn is not a deposit relationship. Interest accrues on amounts actually borrowed by Cred, and is calculated on a simple interest basis based on the number of days and amount of the assets borrowed. Not all customers will be able to participate and not all funds may be borrowed. Persons who affirmatively opt in to the service. Additional terms and conditions will apply.

Learn more at: www.universalprotocol.io

View source version on businesswire.com:https://www.businesswire.com/news/home/20190328005794/en/

CONTACT: Addison Huegel

addison@blockpr.io

KEYWORD: UNITED STATES EUROPE NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE SECURITY PROFESSIONAL SERVICES FINANCE

SOURCE: Universal Protocol Alliance

Copyright Business Wire 2019.

PUB: 03/28/2019 01:51 PM/DISC: 03/28/2019 01:50 PM

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