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Bittrex International Joins Universal Protocol Alliance to Support Next 100M Users of Crypto Assets – Business Wire

SAN FRANCISCO–()–Bittrex International has joined a coalition of leading blockchain
organizations, including Uphold, Cred, Blockchain at Berkeley, Brave in
support of a universal transparent reserve and custody standard that
mints and burns Proxy tokens via the Universal
Protocol Platform
(UP Platform). The UP Platform, which plans to
introduce the Universal Dollar and Universal Euro later this month,
serves as the hub for the creation and management of ‘proxy’ tokens and
user features that will drive mass user adoption of cryptocurrencies.

“We’re thrilled to join an Alliance of like-minded blockchain companies
dedicated to incubating blockchain-based technologies and helping
projects go mainstream,” said Bill Shihara, Bittrex International. “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.”

The founding members include:

  • Uphold
    – Founded in 2014, Uphold has over 1 million users around the world
    and has traded over $4 billion on its digital money platform and
    reserve ledger.
  • Cred
    – Founded by a group of former PayPal executives with over $300
    million in lending capital, Cred has introduced a revolutionary
    lending and earning platform for digital assets.
  • Brave
    – From the creator of JavaScript and co-founder of Mozilla and
    Firefox, Brave radically improves internet browsing and leadership in
    the realms of privacy and digital advertising with the Basic Attention
  • Blockchain
    at Berkeley
    – An academic organization at University of
    California, Berkeley, that provides educational resources,
    consultancy, and R&D to some of the biggest blockchain projects in the

“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.

For everyday users, the platform introduces groundbreaking new types of
safeguards that render cryptocurrencies significantly more practical and
convenient to own, such as private key recovery and inheritability.

Currently, digital assets like Bitcoin and Ethereum exist on separate
blockchain platforms and cannot interact with one another. This results
in significant inefficiencies as separate blockchain projects are unable
to collaborate in any meaningful way, without complex and often costly
work-around solutions. To date, this has greatly hindered innovation in
blockchain and the realization of its vast potential to fundamentally
disrupt a wide array of economic, social and industrial sectors. The UP
Platform looks to solve this issue and allow all cryptocurrencies to
become accessible on a single network through the introduction of Proxy

Proxy Tokens are digital representations of their underlying assets and
can exist on other blockchains. Using these Proxy Tokens, the UP
Platform creates a common universal language that allows distinct
blockchains and token-based projects to interact freely and
frictionlessly with each other. This technology enables Proxy Bitcoin,
for example, to exist on Ethereum and be reasoned with directly by
Ethereum’s preponderance of decentralized applications, decentralized
exchanges and smart contracts.

“The early days of the internet were very similar to the world of
blockchain today, with many different technology platforms fragmented
and incapable of communicating with one other,” said JP Thieriot,
President of the UP Alliance and Co-founder of Uphold. “We believe that
the Universal Protocol Platform is a technology that has the potential
to connect blockchain technologies, much like the breakthrough of the
TCP and IP protocols that drove the internet towards mass adoption.”

The platform will enable a new world of tokenized digital assets –
ranging from Proxy blockchains such as Bitcoin, to Proxy securities and
Proxy private equity – and will facilitate the instant and seamless
conversion of different forms of value. 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
Proxy Tokens representing the next generation of digital money.

“The Universal Protocol Alliance is coalition of companies promoting a
new technology that gets stronger as the network of members and use
cases gets bigger,” said Dan Schatt, Chairman of the UP Alliance and
Cofounder of Cred. “We are actively seeking partners that would like to
benefit from this new technology that we believe will set the standard
for transparency, convenience, and make an unprecedented amount of
liquidity available for the ecosystem.”


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