Universal Protocol Token is a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading. The large holders of UPT in the UP Alliance have gotten together and committed to lock their tokens and not sell any UPT for at least a year.
Also Read: Mega-Utility Token UPT Will Offer Interest and Discounts on Trading
UP Alliance Members to Lock UPT Tokens
The Universal Protocol Alliance is a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network including Bittrex, Brave, Certik, Omisego, Blockchain at Berkeley, Uphold, and Cred. The Universal Protocol Token (UPT) is the native token of the Universal Protocol Platform, and is the underlying utility token for the Universal Protocol ecosystem. Consumers can use it to make transactions with the additional tokens and stablecoins that Universal Protocol has released.
The large UPT holders in the UP Alliance have now gotten together and committed to lock their tokens for a certain period of time. The group says that members and investors are united in their decision to hold UPT for the good of the project — as this will allow the Alliance the runway it needs to operationalize its ambitious project with merchants, government officials, developers and customers of UPT. In total, 82.5% of all UPT is already locked for a period of over three years, vesting monthly. In addition, all UP Alliance members and investors representing over 96% of all UPT holdings have agreed to hold UPT for period of at least one year. The Alliance is also offering all UPT holders up to 4% interest on the tokens.
Mike Arrington, CEO of Arrington XRP Capital, stated: “As an investor in UPT and in some of the companies that comprise the Alliance, I have conviction that the Alliance members involved in this project have the vision, business know-how and grit to achieve mainstream adoption. This project can help everyone understand the very practical impact blockchain solutions can have on commerce, financial services and government tax collection. I wholeheartedly support long term holdling of UPT and encourage everyone to support the companies in the Alliance.”
Universal Protocol recently demonstrated a new service for vendors called Cred Merchant Solutions, which allowed elected California officials, along with members of the community, to purchase goods at a vendor with Bitcoin cash (BCH). This mechanism permits merchants to settle transactions in the Universal Dollar in real-time, and transmits the tax remittance to the appropriate government authorities.
“We are thrilled to support the Alliance and UPT long term as we collectively build technology that solves real problems for customers, merchants, and elected officials to help usher in the next billion users of blockchain. The significant long term support from all Alliance members is a result of the very practical work of the Alliance, which will result in significant cost reduction for consumers and merchants, and enable highly productive tax collection, transparency, and predictability for city and state governments,” said Dan Schatt, co-founder of the Universal Protocol Alliance and CEO of Cred.
Bitcoin.com Exchange to Support Family of UP Tokens
Founded in 2018 to accelerate mainstream adoption of blockchain technology, the Universal Protocol Alliance is aiming to produce viable and pragmatic use cases that can benefit consumers, businesses, and governments globally. The group has identified that many users need innovative solutions to move digital assets seamlessly across different wallets, exchanges, and networks. In addition to the contributions made by alliance members, each member organization will integrate and incorporate UPT directly into their businesses.
Vansa Chatikavanji, CEO of Omisego said: “Omisego’s goal is to build fair and accessible financial services infrastructure. We are excited about the disruptive potential of the Alliance integration to the Omisego network, allowing for compelling scalable payment solutions for customers, merchants and governments. We are a firm believer in the long-term vision and the capabilities of the Alliance members.”
Daryl Hok, COO of Certik, explained: “The overall impact of the Alliance gains strength from the unified commitment of Alliance Members. CertiK has pledged to lock up all tokens for the comping year, demonstrating a commitment to the mission of the Alliance and the future of the Universal Protocol initiative. We believe in a future that empowers individuals to become the next generation of stablecoin auditors, and global confidence and standards this will bring to the Alliance.”
Digital assets like Bitcoin cash and ethereum operate on disparate networks that currently cannot communicate with each other. Collaboration in meaningful ways without costly workarounds…