Secure hardware wallet specialist Ledger has joined the Universal Protocol Alliance (UPA).
The partnership is arguably UPA’s biggest coup and its biggest step towards the alliance’s target for the mass adoption and interoperability of crypto assets.
Hardware Wallet Firm Ledger Joins Universal Protocol Alliance
A Ledger Press Release stated that the French hardware wallet manufacturer was joining the blockchain interoperability coalition, and would be integrating its blockchain security and infrastructure with other Universal Protocol technology and assets.
UPA singled out Ledger Vault as a key component that addresses the concerns of the alliance.
The Ledger Vault specializes in security and flexibility, and is the only digital asset platform that facilitates the availability and flexibility of business operations, without compromising on security.
All private keys in the Ledger Vault are isolated, stored and encrypted within a Hardware Security Module, and are never directly handled by human operators.
And it’s this flexibility and advanced cold storage security that has made the UPA take note and forge a partnership with the leading hardware wallet security specialists.
Speaking of the partnership, the Global Head of Vault, at Ledger Demetrios Skalkotos said,
‘We are honored to be a part of UP Alliance, which can be touted as the developer of the first fully transparent set of stablecoins and a highly valuable mega utility token (UPT). Those looking to solve very practical problems such as the safeguarding of their digital assets can put their trust in our institutional product as it directly compliments UP’s focus.’
The UPA and its Members
The Universal Protocol Alliance’s existing members include Bittrex Global, Cred, Uphold, CertiK and Blockchain at Berkeley.
The UPA’s main focus is on interoperability, and the coalition of blockchain organizations are dedicated to enhancing the innovation and driving mainstream adoption of cryptocurrencies.
They are targeting consumers, businesses and governments, and through its platform it allows many types of digital assets to be created, and all cryptocurrencies to be converted on a single network.
The UPA is currently working with a few different stablecoins on its platform and is looking to expand on the stability and ease of use of stablecoins to grow its platform and drive mass adoption of cryptocurrencies at large.
As stated, Uphold is a member of the UPA, which stores users funds in their stablecoins: UPUSD and the UPEUR, which are both minted and redeemed through Uphold accounts.
But the UPA’s main utility token the Universal Protocol Token (UPT) is recognized within the alliance as the best way for growth, and it sees Ledger as the bridge between themselves and institutional investors.
UPA co-founder Dan Schatt said that Ledger’s solutions, which are tailored to custody digital assets for banks, hedge funds, exchanges, and high net worth individuals would ‘contribute to UPT as a mega utility token and drive mass adoption of blockchain technology using UP tokens’.
Ledger is the leading cryptocurrency hardware wallet firm, and its innovative security has led to it now undoubtedly the number one in security hardware for crypto assets.
The UPA is out to drive mass adoption and is targeting all corners of society. Through the use of its stablecoins and its platform it aims to make all cryptocurrencies interoperable.
There are many developers racing to get cryptocurrencies speaking with each other, so it remains to be seen if the UPA will be the one to connect them, but with the likes of Ledger onboard, it’s taken a giant stride forward.
Author: Pablo Clarke