KUALA LUMPUR, Aug 9 (Bernama) -- Universal Protocol (UP) 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 digital asset management funds to support the project.
The funds include Dekrypt Capital, Alphabit, and Arrington XRP Capital. The latest round of supporters join FBG Capital, previously announced as the lead investor in the project, a statement said.
“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 managing partner of Dekrypt Capital, Howard Wu.
The UP Platform addresses one of the biggest challenges facing blockchain users by allowing the instant and seamless transfer of value across different decentralised networks.
Using ERC-20 compatible Proxy Tokens, the platform provides a ‘common language’ through which incompatible protocols can ‘reason’ with each other and provide a scalable solution that can rapidly be applied across many blockchains.
The UP platform will benefit financial institutions by solving the technical and custodial issues of hosting multiple cryptocurrencies on bespoke blockchains and retail investors by creating a more practical and ‘spendable’ way of holding cryptocurrencies.
It will also benefit centralised exchanges by dramatically streamlining the process of listing new cryptocurrencies, and blockchain innovators by proving the freedom to create bespoke blockchains for specific projects. More information at www.universalprotocol.io.
-- BERNAMA
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