Omisego, a leading finance-oriented scaling network for ethereum, has finally joined the Universal Protocol Alliance, a blockchain and cryptocurrency-focused company.
The firm revealed in a press release that it would incorporate the Universal Protocol Platform utility token into its payment processing technology.
This will ensure that investors use UP stable coins for their financial services and ta collection and also to collect fees accrued t taxation.
Dan Schatt who is the co-founder of the Universal Protocol Alliance, said that:
“OmiseGO has been an innovator in the blockchain space for many years and has valuable technology to support the most secure next-gen financial infrastructure,”
he continued saying that “Omisego’s technology will help support the mass adoption of blockchain technology utilizing UPUSD and other UP stablecoins for merchants, consumers and local governments”
This comes after Omisego recently unveiled a partnership with Hydro Labs, an open-source blockchain project set to address the current unbanked issue.
The collaboration between the two companies will mainly focus on Hydro Pay ethereum based transactions, purportedly making them instant when the ethereum network is congested.
This new partnership will help introduce Omisego’s plasma technology for daily purchases and help curb the problem arising from the unbanked population. The unbanked issue remains acute, accounting for around 1.7 adults globally.
The Universal Protocol Alliance has launched three digital asset products this year: The Universal Euro (UPEUR), the Universal Dollar (UPUSD), and Universal Bitcoin (UPBTC) – a Bitcoin proxy token that enablesEthereum applications to interact with the Bitcoin network.
The Alliance recently showcased the use of its technology last month when the Universal Dollar (UPUSD) was used to settle the United States’ first-ever elected official crypto-cannabis purchase using Bitcoin Cash (BCH), Cred (LBA), and UPUSD.
The process quite a few periods and resulted in substantially lower transaction fees for the dispensary. The transaction was the first of its kind and is the basis for a proposed California Assembly Bill AB 953 – a bill that would enable the state to accept cannabis tax remittance via stablecoin.
Moreover, stablecoin targets residents in countries with high inflation or limited access to traditional banking.