The top blockchain payments processor, OmiseGo, has joined hands with the broadest coalition of blockchain organizations in the world (Universal Protocol Alliance). The move is aimed at extending the innovative uses for cryptocurrency in the world.
OmiseGO is said to bring in the UPT utility token into its technology for processing payments. This will assist merchants in leveraging UP stablecoins for tax collection and financial services. The move will also enable sellers to securely and legally collect the transaction fees.
It will complement a range of alliance member's contributions, such as the Blockchain at Berkeley, exchanges Bittrex and Upholds, decentralized finance bank Cred, and crypto wallet company Brave.
The president of Cred and co-founder of Universal Protocol Alliance was recorded saying that OmiseGO has been in the blockchain space for quite some years now and has a capable technology to brace the next-gen financial infrastructure securely. He added that their technology would support the adoption of the blockchain platform utilizing UP stablecoins and UPUSD for merchants and consumers.
It was founded in 2017, and it is a staunch supporter of the Ethereum-based projects and Ethereum at large. The firm has a blockchain payment processing and financial platform whose aim is to process transactions at a faster rate and as a cheaper option to Ethereum. Due to this membership in the UP Alliance, OmiseGO will now include UPT on their new payment settlement technology.
Three digital asset products have been launched this year by UP Alliance. They include the Universal Dollar, the Universal Euro, and the Universal Bitcoin. The Universal Bitcoin is a Bitcoin proxy token that assists in the interaction of Ethereum applications with the Bitcoin network.
The Alliance recently showed the public how their technology worked when they used it to settle a crypto-cannabis purchase from an elected official in the United States. He used the Universal Dollar, Bitcoin Cash, and Cred.