Blockchain Startup OmiseGo Becomes a Member Of Universal Protocol Alliance

OmiseGo, a finance focused scaling network for Ethereum (ETH), has joined Universal Protocol Alliance, a collaboration of blockchain and cryptocurrency oriented startups. OmiseGo disclosed that it will integrate the Universal Protocol Platform UPT utility token into its payment processing technology.

In that process OmiseGo aims to permit stakeholders to utilize UP stablecoins for tax collection and other financial services, in addition to collection of transaction charges.

Dan Schatt, co-founder of the Universal Protocol Alliance, opined that OmiseGo’s technology “will help support the mass adoption of blockchain technology utilizing UPUSD and other UP stablecoins for consumers, merchants and local governments.”

OmiseGo also revealed the collaboration with Hydro Labs, an open-source blockchain venture structured to provide a solution to the unbanked problem. The partnership between the firms is directed towards simplifying Hydro Pay Ethereum-based dealings supposedly turning them instantaneous even if the Ethereum network is jam-packed.

In case of OmiseGo, the latest collaboration permits it to launch the live app of it its plasma chain technology for day-to-day payments. The issue of un-banked population, estimated to be 1.70 billion adults across the globe, remains serious.

It can be remembered that the Alliance launched its own stablecoin pegged to the euro on a 1:1 basis. The stablecoin will also offer 8% annual interest to holders. Furthermore, the stablecoin aims to bring in its fold citizens of countries suffering from high inflation or restricted access to conventional banking.