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Hardware wallet maker Ledger joins the Universal Protocol Alliance

June 15, 2020

The hardware wallet company for digital assets Ledger has joined a blockchain interoperability coalition, the Universal Protocol Alliance (UPA).

In an announcement on June 11th UPA announced that the well-known French hardware wallet manufacturer will integrate its blockchain security and infrastructure solutions into the technology and resources of the Universal Protocol.

UPA highlighted Ledger Vault, Ledger’s multi-authorization governance infrastructure and insurance-based asset management solution, as a key component that addresses the concerns of Allianz and its members.

The UPA and its members

Hardware wallet maker Ledger joins the Universal Protocol AllianceHardware wallet maker Ledger joins the Universal Protocol Alliance

Existing members of the alliance include Bittrex Global, the decentralized credit platform Cred, the crypto payment platform Uphold, the intelligent contract security company CertiK and Blockchain in Berkeley.

The UPA is focused on making cryptocurrencies interoperable. It has issued stable coins such as Universal Dollar (UPUSD) and Universal Euro (UPEUR), along with its main utility token, Universal Protocol Token (UPT).

Dan Schatt, co-founder of UPA and CEO of Cred, said that Ledger’s solutions, which are designed to protect digital assets for banks, hedge funds, exchanges and high net worth individuals, “will contribute to UPT as a mega-utility token” and will be mass adoption to advance blockchain technology using UP tokens.

As reported, the UPA is closely associated with Uphold, with user funds stored in the Uphold reservation. UPEUR and UPUSD are minted and redeemed through Uphold accounts, and many Allianz executives also hold positions at Cred or Uphold.

In an interview with Cointelegraph earlier this year, Schatt, who is also a former PayPal manager, He emphasized the need for interoperability, especially with the most popular digital assets such as Ether (ETH), Bitcoin (BTC), EOS and XRP.

This week, Michelle O’Connor, vice president of marketing at Uphold, told Cointelegraph magazine that she believes that excessive speculation continues to dominate the industry to the detriment of acceptance and widespread use.