OmiseGO will incorporate the Universal Protocol Platform UPT utility token into its payment processing technology, helping merchants and cities leverage UP stablecoins for financial services and tax collection and allowing vendors to legally collect transaction fees. It complements contributions from alliance members, including exchanges Bittrex and Uphold, decentralised finance bank Cred, Blockchain at Berkeley and crypto wallet and browser company Brave.
The combined expertise of each member organisation has resulted in the creation of the Universal Protocol Platform, which allows for the minting, custody, and storage of digital ‘proxy’ assets, the creation of better digital asset products, and the introduction of a set of safeguards required for the mainstream adoption of cryptocurrency.
OmiseGO, founded in 2017 and an avid supporter of Ethereum and Ethereum-based projects, has built a blockchain payment processing and financial infrastructure that is focused on mass adoption and can process transactions faster and much cheaper than Ethereum. As a part of its membership in the UP Alliance, the company will integrate UPT to pay fees on their new payment settlement technology.
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