Ledger, popular cryptocurrency hardware wallet manufacturer, has become a member of blockchain interoperability association named “Universal Protocol Alliance.” UPA, in a media release, disclosed that the France based Ledger will embed its blockchain security and framework tools in Universal Protocol and other related offerings.
UPA has identified that Ledger’s multi-authorization governance framework and insurance-backed asset administration tool as a main feature that has the ability to resolve issues of the alliance and its members.
The prevailing members of the alliance include Bittrex Global, decentralized lender Cred, cryptocurrency payments processing platform Uphold, Blockchain at Berkeley and smart contract security focused tech company CertiK.
The UPA is working to make cryptos interoperable. In this regard, the Alliance has come out with stablecoins such as Universal Dollar (UPUSD) and Universal Euro (UPEUR), in addition to Universal Protocol Token (UPT), which is its key utility token.
Dan Schatt, UPA co-founder and CEO of Cred, stated that Ledger’s solutions, custom built for safekeeping digital assets for hedge funds, banks, high net worth investors and exchanges will “contribute to UPT as a mega utility token” and lead to mass adoption of blockchain technology utilizing UP tokens.
UPA is closely associated to Uphold, with user funds held in the Uphold reserve. UPEUR and UPUSD are both created and redeemed via Uphold accounts and several executives of the alliance also occupy posts at either Uphold or Cred.
Schatt, an ex-PayPal executive, stressed the necessity for interoperability, specifically between the digital assets with top market cap such as Ether (ETH), EOS, Bitcoin (BTC), and XRP.
Michelle O’Connor, Uphold’s vice president of marketing, stated that she is of the opinion that too much of speculation continues to dominate the crypto sector, acting as a hindrance to mass adoption.
