Business Wire

Uphold Platform to Support Groundbreaking Stablecoin

Del

Today, Uphold announced support of a revolutionary stablecoin that aims to propel cryptocurrency into the mainstream. The stablecoin, known as the Universal Dollar (UPUSD), is issued by Universal Protocol Pte. Ltd. and will initially be available on the Uphold platform.

UPUSD is the first stablecoin to be listed on Uphold, the digital money platform, and is pegged on a 1:1 ratio to the U.S. dollar. It is also the first stablecoin of its kind to be minted on-chain with every verifying transaction written to the Ethereum public blockchain so that all users can see and verify UPUSD is 100% percent backed with U.S. dollars. U.S. dollars are held at banks located in the United States with the intention of being eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations.

Launching first in Latin America, this stablecoin behaves like a mature financial asset with it being fully transparent and inheritable. Additionally, eligible holders of UPUSD outside the US may be able to access a potential annual return through Cred’s CredEarn product, an application available on the Uphold platform.

“The Universal Dollar shows that crypto is finally delivering on the promise of mass appeal,” said JP Thieriot, CEO of Uphold. “Especially relevant in developing economies, the protections, interoperability and financial services offers a number of benefits to Uphold members.”

Key features of the stablecoin include:

  • Recoverability: Remembering a complex private key may be intimidating for the average bank account holder; UPUSD users can recover their private key and reclaim assets if needed
  • Inheritability: Users can nominate beneficiaries who may 'call' the assets after prolonged account dormancy. The exact period of dormancy and the address will be configured during wallet instantiation
  • Full transparency: Every time a user purchases USD on the Uphold platform, they can initiate an exchange and request new minting of UPUSD. The new UPUSD is instantly minted on the Uphold reserve, and a record of this transaction is recorded on the Ethereum blockchain.

This stablecoin is the first in a series of tokens and stablecoins released through the Universal Protocol Alliance, a coalition of some of the industry’s finest, including Bittrex, Brave, Cred, CertiK, Blockchain at Berkeley, along with Uphold. This coalition demonstrates a desire to further the ecosystem, driving mainstream adoption while also building trust and creating a sense of legitimacy. It is a shared goal, that would not be possible by working alone.

###

About Uphold:

Uphold is a digital money platform providing consumers worldwide with convenient and secure access to traditional currencies, cryptocurrencies, and other investments. Uphold has powered more than $4 billion in transactions across 184 countries, covering over 30 supported currencies and four commodities. The platform has more than 1 million users. Uphold is the only financial platform to publish its reserve holdings in real time. The company has offices in San Francisco, New York, Portugal, London and Mexico City. More information can be found at www.uphold.com, or follow us on Twitter, Facebook, and LinkedIn. Not licensed in all jurisdictions.

Note: CredEarn is a loan arrangement, not a deposit relationship. Interest accrues on amounts actually borrowed by Cred, and is calculated on a simple interest basis based on the number of days and amount of the assets borrowed. Not all customers will be able to participate and not all funds may be borrowed. The CredEarn Program is offered solely by CRED LLC to non-U.S. Persons who affirmatively opt in to the service. Additional terms and conditions will apply. CredEarn loans have not been registered by CRED LLC under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements.

Contact information

UK press contact:
Tom Ingoldby
tom.ingoldby@dynamopr.com

US press contact:
Michelle O'Connor
michelle.oconnor@uphold.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

SCG Chemicals Company chooses gPROMS modelling for digital design and operations22.3.2019 15:55:00 CETPressemelding

Process Systems Enterprise (PSE), the Advanced Process Modelling company, today announced that it has signed a long-term agreement with SCG, one of the largest integrated petrochemical companies in South East Asia, to standardise on PSE’s gPROMS® modelling technology for digital design and operations. SCG applies advanced process models within digital design initiatives to explore the process decision space rapidly and effectively, in order to reduce uncertainty and make better, faster and safer design and operating decisions. This help them to accelerate innovation and optimise the design and operation of their process plants. Dr Suracha Udomsak, SCG’s Emerging Business Director and R&D Director, says, “at SCG Chemicals, advanced process modelling (APM) is a key element in our Digital Manufacturing platform. APM accelerates innovation by making the development workflow ‘faster, cheaper & safer’, which are key considerations for us. It is a core technology building block that enables u

Logicor Announces Results for Year Ended 31 December 201822.3.2019 14:29:00 CETPressemelding

Logicor announces strong financial performance for the year ended 31 December Net Operating Income (NOI): €639 million, which represents year on year growth of 2.5%, reflecting our strategic focus on increasing occupancy and capturing market rental growth. Over 60% of NOI is generated in the key markets of the UK (26%), Northern Europe1 (21%) and France (15%). Gross Asset Value: €12.5 billion, a 3.3% increase in valuation, which reflects the strong performance of our portfolio, in particular in Northern Europe. EPRA Occupancy: 94.4%, with physical occupancy up 70 bps over the year, underpinned by strong growth in each of our three largest regions of the UK (+120 bps), Northern Europe (+110 bps) and France (+220 bps). LTV: 51%, down from 52% at year end 2017 following increases in property values. At year end, our debt to EBITDA ratio was 11.3x. Capital Structure In 2018 Logicor (rated BBB (Stable) by S&P) established a Euro Medium Term Note (‘EMTN’) programme and raised €1.8 billion of

Delticom AG/Mytyres.co.uk: Buying Great Value Tyres Online Doesn’t Mean Missing out on Professional Fitting22.3.2019 14:15:00 CETPressemelding

Spring is just around the corner, and it’s time for drivers to start thinking about changing to summer tyres. However, a tyre check may show that your current summer tyres are getting old, worn out, or have visible damage, such as cracks or bumps. If this is the case, then it's time for a new set of tyres. The legal minimum tread depth is 1.6 mm, however experts recommend significantly more – summer tyres should be replaced even if the tread depth is 3 mm. Regardless of mileage, you should change your tyres at least every eight to ten years. This is because the rubber starts to harden, the tyres lose grip on the road, and driving performance is affected. Of course, a set of four new tyres is a significant investment – authorised workshops can often charge between 250 and 350 pounds. If you want to save money, consider the alternatives: the result is an increasing number of customers turning to online shops such as Mytyres.co.uk to buy new tyres. The market share of tyres sold online ha

Trueman Man Clinic Achieves 10000 Surgery Milestone with Its SWITCH Operation22.3.2019 13:00:00 CETPressemelding

Trueman Man Clinic Network announced that the 10,000th surgery utilizing its SWITCH Premature Ejaculation Surgery (Nerve Conservation), has been successfully completed. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190322005013/en/ Trueman Man Clinic Network has been successfully completed the 10,000th surgery utilizing its SWITCH Premature Ejaculation Surgery (Nerve Conservation). The SWITCH Premature Ejaculation Surgery (SWITCH operation) developed in 2010 by Dr. Yang, the chief director of the Trueman Man Clinic Network, can reduce the side effects of penile neurectomy and maintain the stable reduction of the glans sensation. The Trueman Man Clinic Network is the leading hospitals for male enhancement surgeries in Korea consists of 11 clinics, with 16 doctors working. As of 2019, more than 43,000 man clinic surgeries have been performed. (Photo: Business Wire) The Trueman Man Clinic Network is the leading hospitals for m

Janssen Seeks Expanded Use of DARZALEX®▼ (daratumumab) Combination Therapy for Patients with Newly Diagnosed Multiple Myeloma Who Are Transplant Ineligible22.3.2019 11:22:00 CETPressemelding

The Janssen Pharmaceutical Companies of Johnson & Johnson today announced the submission of a Type II variation application to the European Medicines Agency (EMA) for DARZALEX®▼ (daratumumab) in combination with lenalidomide and dexamethasone (Rd) for the treatment of patients newly diagnosed with multiple myeloma who are ineligible for autologous stem cell transplant (ASCT). “Today’s submission brings us one step closer to our goal of improving treatment outcomes for people newly diagnosed with multiple myeloma,” said José Antonio Burón Vidal, VP Medical Affairs, Europe, Middle East and Africa (EMEA), Janssen-Cilag Limited. “We are incredibly grateful to the patients and investigators who participated in the MAIA clinical trial programme and look forward to working closely with the regulatory authorities to secure approval of this new combination.” The submission is supported by data from the Phase 3 MAIA (MMY3008) study, which were presented at the 60th Annual Meeting of the American

Bartek Ingredients Expands Leadership Team21.3.2019 22:35:00 CETPressemelding

Bartek Ingredients Inc. recently completed a 4,000 ton/year capacity expansion for its malic and food-grade fumaric acid production facility, and today it announces the expansion of its leadership team, with the hiring of Jeff Billig as Vice President of Marketing & Business Development and Heinrich G. Schaefer as International Sales Director. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190321005785/en/ The global leader in malic and fumaric acid ingredients expands its leadership team. (Photo: Business Wire) Bartek’s investment in both its team and facilities reinforces its position as the leader in malic and fumaric acid globally and aligns with its mission to facilitate growth and increase global reach to better serve existing customers and markets while opening up new ones. Bartek’s addition of Billig and Schaefer lays the foundation for additional resource investment in the near future while rapidly increasing its sa