Bittrex-Supported Universal Protocol Alliance to Launch Universal Euro-Pegged UPEUR Stablecoin
The Universal Protocol Alliance, a platform created by top blockchain-based businesses and organizations including Bittrex International, Brave, Uphold, Cred, Blockchain at Berkeley, and CertiK has announced plans to launch its Universal Euro (UPEUR) stablecoin later in April 2019, according to a press release on March 28, 2019.
Euro-Pegged Stablecoin in the Pipeline
At a time when stablecoins have started gaining significant adoption in the cryptospace, due to its ability to help crypto investors mitigate the volatility challenges inherent in bitcoin and altcoins, Universal Protocol Alliance is hard at work trying to launch own euro-backed stablecoin.
Named the Universal Euro (UPEUR), the stablecoin will stand at 1:1 with the euro and it will be directly available on the Uphold platform.
Reportedly, the Universal Euro will also be available to participating exchanges and holders using CredEarn will be able to earn 8 percent interest on their stablecoin.
Interestingly, leading crypto custodial services such as BitGo and Ledger will also support the euro-pegged stablecoin.
Fostering Wider Adoption of Cryptos
As stated earlier, the Universal Protocol (UP) Alliance is a formidable coalition made up of highly reputed firms in the cryptospace, and its primary objective is to promote broader crypto adoption.
Unlike some controversial stablecoins currently on the market, the UP team has made it clear that its UPEUR will have a universal, transparent reserve standard that would potentially attract the next 100 million users to cryptos.
Reportedly, the UP team claims that it has carefully combined the expertise of each founding member to formulate unique cryptocurrency products designed to appeal to a vast array of institutional investors and mainstream crypto users.
Importantly, the Universal Protocol Platform support the minting, custody, and secure storage of digital ‘proxy’ assets that “allow for better digital asset products, and the introduction of critical safeguards required for the mainstream adoption of cryptocurrency.”
Who is the UPEUR Meant For?
According to the team, the Universal Euro is specifically designed for people looking for a stablecoin with low volatility, as well as those looking to keep their digital assets denominated in euros while also earning significant interests annually.
That’s not all, the team has also stated that holders of UPEUR who reside in supported regions will be able to stake their UPEUR stablecoin through the CredEarn app on the Uphold platform.
Dan Schatt, Co-founder of the Universal Protocol Alliance and Cred, said that:
“The Universal Euro offers access to a high rate of return and the same commitment to code quality, investor safeguards, and transparency. UPEUR is crafted with institutional-grade security in mind, and it’s designed to allow for the quick, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or other digital assets. We’re thrilled to make the stablecoin available in the near future.”
Key Features of UPEUR
The UPEUR offers users with excellent benefits that are absent in other cryptoassets, including private key recovery, Inheritability, detachability and more.
In essence, holders of UPEUR stablecoin will still be able to access their funds even though they misplace their private keys; holders can nominate beneficiaries that will inherit their funds after a long period of dormancy (e.g. death).