OmiseGO, a leading blockchain payments processor, has joined the Universal Protocol Alliance, the world’s largest coalition of blockchain organizations dedicated to extending new and innovative use cases for cryptocurrency around the world.
OmiseGO will incorporate the Universal Protocol Platform UPT utility token into its payment processing technology, helping merchants and cities leverage UP stablecoins for financial services and tax collection and allowing vendors to legally and securely collect transaction fees. It complements contributions from alliance members, including exchanges Bittrex and Uphold, decentralized finance bank Cred, Blockchain at Berkeley, blockchain and smart contract security company CertiK, and crypto wallet and browser company Brave.
“OmiseGO has been an innovator in the blockchain space for many years and has valuable technology to support the most secure next-gen financial infrastructure,” said Dan Schatt, co-founder of the Universal Protocol Alliance and president of Cred. “Their technology will help support the mass adoption of blockchain technology utilizing UPUSD and other UP stablecoins for consumers, merchants and local governments. This practical application of the Alliance UPT token will perfectly complement the other Alliance members, contributing to the use of UPT as a mega utility token.”
The combined expertise of each member organization has resulted in the creation of the Universal Protocol Platform, which allows for the minting, custody, and storage of digital ‘proxy’ assets, the creation of better digital asset products, and the introduction of a set of safeguards required for the mainstream adoption of cryptocurrency.
OmiseGO, founded in 2017 and an avid supporter of Ethereum and Ethereum-based projects, has built a blockchain payment processing and financial infrastructure that is focused on mass adoption and can process transactions faster and much cheaper than Ethereum. As a part of its membership in the UP Alliance, the company will integrate UPT to pay fees on their new payment settlement technology.
“We’re very proud to be a part of the Universal Protocol Alliance and help usher in the next 100 million users of crypto, who are looking for blockchain to solve very practical problems such as speed of payment, convenience and ease of use,” said Vansa Chatikavanij, CEO of OmiseGO.
The UP Alliance has launched three digital asset products this year: The Universal Euro (UPEUR), the Universal Dollar (UPUSD), and Universal Bitcoin (UPBTC) – a Bitcoin proxy token that enables Ethereum applications to interact with the Bitcoin network.
The Alliance recently showcased the use of its technology and know-how last month when the Universal Dollar (UPUSD) was used to settle the United States’ first-ever elected official crypto-cannabis purchase using Bitcoin Cash (BCH), Cred (LBA), and UPUSD. The process took seconds and resulted in substantially lower transaction fees for the dispensary. The transaction was the first of its kind and is the basis for a proposed California Assembly Bill AB 953 – a bill that would enable the state to accept cannabis tax remittance via stablecoin.