Bittrex World has listed two stablecoins and a utility token issued by ‘The Common Protocol Alliance’ (UPA) after becoming a member of the UPA.The
Bittrex World has listed two stablecoins and a utility token issued by ‘The Common Protocol Alliance’ (UPA) after becoming a member of the UPA.
The brand new listings comprise stablecoins Common Greenback (UPUSD) and Common Euro (UPEUR), along with the Common Protocol Token (UPT).
UPT rallies on Bittrex itemizing
The announcement seems to have comprised a boon for UPT — with the token gaining practically 170% in 24 hours.
Regardless of the robust value efficiency, the transfer was pushed by lower than $3,000 in quantity, with trades going down on a single alternate.
UPT is described as a “utility token that may provide holders priceless advantages from Alliance members,” with Bittrex providing diminished trading fees to UPT holders.
UPA is carefully tied to Uphold
Along with Bittrex World, the consortium’s membership consists of blockchain-based mortgage platform Cred, crypto funds platform Uphold, and Blockchain at Berkeley. The consortium has funding backing from Arrington Xrp Capital, Dekrypt Capital, and Alphabit.
The UPA seems to be closely intertwined with Uphold, with person funds saved within the Uphold reserve. UPEUR and UPUSD are each minted and redeemed by Uphold accounts. Many of the UPA’s executives additionally maintain positions at both Cred or Uphold.
Upon its launch in October 2018, UPUSD was promoted as each a stablecoin and a method to entry Uphold’s lending platform.