FBG Capital, a leading digital asset management firm, has been announced as the lead investor in the Universal Protocol Platform (UPP), a project for interoperability of blockchain-based assets launched by an alliance of cryptocurrency companies.
UPP is initiating a digital reserve ecosystem that allows for the transfer of digital currencies and digital assets across nearly all decentralized networks.
The UPP Proxy token is a digital representation of an underlying asset such as bitcoin on the Ethereum blockchain, and also compatible with smart contracts. Holders can seamlessly exchange Proxy Tokens representing different assets on-chain. The value of a Proxy token is fully-backed by a matching asset in the professional custody of a reserve.
“We are thrilled to lead the initial round of investment in the Universal Protocol Platform. Their unique innovation with proxy tokens introduces an array of features that haven’t been available to the crypto community until now. In addition, the strength and experience of the team and the caliber of the coalition of companies that are coming together to build and propagate this technology will move the crypto community forward. We’re very excited to be a part of this important project.”
The functionality of Proxy tokens on the Universal Protocol Platform aims to address one of the biggest challenges facing blockchain users by allowing the instant and seamless transfer of value across different decentralized networks, providing a ‘common language’ through which incompatible protocols can ‘reason’ with each other.
