The Digital Asset Ledger hardware wallet firm has joined a blockchain interoperability coalition, the Universal Protocol Alliance (UPA).
In an announcement on June 11, the Bitcoin Lifestyle revealed that the French manufacturer of high-profile hardware wallets will integrate its blockchain security and infrastructure solutions with Universal Protocol technology and assets.
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The UPA highlighted Ledger Vault, Ledger’s multi-license governance infrastructure and insurance-backed asset management solution, as a key component that addresses the concerns of the alliance and its members.
The UPA and its members
Existing alliance members include Bittrex Global, the Cred decentralized lending platform, the Uphold crypto payment platform, the CertiK smart contract security firm and Blockchain in Berkeley.
The UPA is focused on making crypto currencies interoperable, and has issued stable currencies such as Universal Dollar (UPUSD) and Universal Euro (UPEUR), along with its main utility token, the Universal Protocol Token (UPT).
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Dan Schatt, co-founder of UPA and CEO of Cred, said Ledger solutions, which are designed to safeguard digital assets for banks, hedge funds, exchanges and high net worth individuals, „will contribute to the UPT as a mega utility token“ and drive massive adoption of blockchain technology using UP tokens.
As reported, the APU is closely related to Uphold, with user funds stored in the Uphold reserve. UPEUR and UPUSD are coined and traded through Uphold accounts and many of the alliance executives also hold positions at Cred or Uphold.
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In an interview with Cointelegraph earlier this year, Schatt, who is also a former PayPal executive, emphasized the need for interoperability, particularly among higher-profile digital assets such as Ether (ETH), Bitcoin (BTC), EOS, and XRP.
This week, Uphold’s vice president of marketing, Michelle O’Connor, told Cointelegraph magazine that she believes excessive speculation continues to dominate the industry to the detriment of widespread adoption and use.