According to the official announcement dated October 8, 2019, OmiseGO has joined forces with the Universal Protocol Alliance, the biggest association of blockchain firms committed to extending innovative and new use cases for digital currencies across the world.
Per the official press release, OmiseGO is going to integrate the Universal Protocol Platform UPT utility tokens into their own technology of payment processing. The move will enable cities and merchants to utilize UP stablecoins when it comes to tax collection as well as financial services. In addition to that, it will also facilitate a legal and secure collection of transaction fees for the vendors.
The Universal Protocol Alliance’s Co-Founder and Cred’s President, Dan Schatt, considers OmiseGO as a blockchain innovator that possesses valuable technology for supporting the next-generation financial infrastructure with utmost security. Continuing further, Schatt said that OmiseGO’s technology would help support blockchain’s mass adoption using UPUSD along with other UP stablecoins for merchants, local governments, and consumers. While concluding, the Co-Founder was quoted saying,
This practical application of the Alliance UPT token will perfectly complement the other Alliance members, contributing to the use of UPT as a mega utility token.
OmiseGO’s CEO, Vansa Chatikavanij, also shared their excitement over this new development. Chatikavanij said that they are extremely proud of becoming a member of the Alliance and helping in setting the scene for the upcoming 100 million crypto users looking at blockchain to provide a solution to practical issues like payment speed, easy usage, and convenience.
In the meantime, OmiseGO also announced its collaboration with Hydro Labs today, which is an opensource blockchain project focussed on addressing the unbanked problem. The partnership between these firms will streamline the Hydro Pay transactions based on Ethereum, apparently making them prompt even if there is congestion in the network of Ethereum.
In the previous month, the Alliance demonstrated the know-how and usage of their technology when the UPUSD (Universal Dollar) was utilized for settlement when Ben Bartlett, the Berkeley City Councilmember, bought cannabis using BCH (Bitcoin Cash), LBA (Cred), and UPUSD.
For those wondering, OmiseGO, a prominent blockchain-based payments processor established in 2017, allows both individuals and businesses to access financial services, exchange, spend, and invest digital assets securely anytime, irrespective of where they are. The firm, an avid Ethereum supporter, has developed a blockchain-powered payment processing, as well as financial infrastructure, which focuses on the mass adoption of the technology. It can also process transactions in a much cheaper and faster way than Ethereum.