A new platform promoting blockchain interoperability using ‘Proxy Tokens’ announces the support of an all-star lineup of leading digital asset management funds
Universal Protocol Platform, an alliance of industry leading blockchain and digital asset companies introducing a new structure of Proxy Tokens to promote interoperability, has announced a new round of all-star digital asset management funds supporting the project, including Dekrypt Capital, Alphabit, and Arrington XRP Capital. The latest round of supporters join FBG Capital, previously announced as the lead investor in the project.
“The group of companies and investors coming together to make this project a reality is impressive and shows the potential of this technology to solve the issue of cross-chain transactions,” said Howard Wu, Managing Partner of Dekrypt Capital. “Dekrypt is excited to be a part of this initiative and to help bring a highly-scalable solution to blockchain interoperability to market.”
The Universal Protocol Platform addresses one of the biggest challenges facing blockchain users by allowing the instant and seamless transfer of value across different decentralized networks. Using ERC-20 compatible Proxy Tokens, the platform provides a ‘common language’ through which incompatible protocols can ‘reason’ with each other. Unlike alternatives such as atomic swaps, the Universal Protocol Platform provides a scalable solution that can be applied across many blockchains rapidly.
“We’re excited about this technology, not only because of the companies backing it, but because it has potential uses that could drive the mass adoption of cryptocurrency users,” said Liam Robertson, CEO of Alphabit Fund. “Adding in the incredible potential uses by financial institutions to easily access a diverse range of blockchain assets makes this an exciting project for us to be a part of.”
The UP Platform is designed to benefit financial institutions by solving the technical and custodial issues of hosting multiple cryptocurrencies on bespoke blockchains, retail investors by creating a more practical and ‘spendable’ way of holding cryptocurrencies, centralized exchanges by dramatically streamlines the process of listing new cryptocurrencies, and blockchain innovators by proving the freedom to create bespoke blockchains for specific projects.