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We’re excited to announce Universal Bitcoin UPBTC issued by the Universal Protocol Alliance is now available on Uphold. By connecting Bitcoin, the most popular and valuable cryptocurrency, to the Ethereum network, UPBTC, makes Bitcoin accessible and seamlessly convertible through a single blockchain network.

UPBTC is minted on-chain with every verifying transaction written to the Ethereum public blockchain so that all users can see and verify UPBTC is 100% percent backed with Bitcoin. UPBTC will be convertible between forthcoming Universal Proxy assets from the Universal Protocol Alliance in a single step, with seamless conversion on a single blockchain.

“UPBTC is the safe, convenient way for anyone to hold and interact with Bitcoin and benefit from the same consumer safeguards, code integrity, transparency, and interoperable properties as the Universal Dollar (UPUSD) and every other Universal Token issued through the Alliance,” said Dan Schatt, Chairman of the Universal Protocol Alliance.

Unlike other initiatives designed to make Bitcoin interoperable with Ethereum, UPBTC differs in a few important respects:  

  • UPBTC is architected with institutional level security in mind. Attackers cannot create arbitrary new proxy tokens to spend on the networks. The Universal Protocol Platform contains a request system that can manage whitelists and revoke access to address critical security issues associated with compromised keys.
  • UPBTC works seamlessly with the Universal Protocol Token (UPT), designed to allow for quick, low-cost conversion of UPBTC  to Bitcoin and other digital assets.
  • UPBTC is designed as a smart bookkeeping system that logs deposits and withdrawals on a smart contract. If a bad actor wishes to down the website housing the transparency page, anyone can still query Ethereum for the data, a huge advantage that instills trust and confidence in the system.

 

How to buy UPBTC on Uphold:

Web App

  1. From your dashboard, click on “Add card/currency.”
  2. Name your card, select “UPBTC” as the currency, and click “create.”  
  3. Click “Add funds.”
  4. Select a funding option:
    1. U.S. bank account;
    2. Eurozone bank account;
    3. My Uphold funds;
    4. Crypto wallet.
  5. Follow the relevant instructions above.

Mobile App

  1. Tap the Menu and select “Buy”.
  2. On the next screen, select UPBTC.
  3. Choose a card if you have more than one.
  4. Select a funding option:
    1. U.S. bank account;
    2. Eurozone bank account;
    3. My Uphold funds;
    4. Crypto wallet.
  5. Follow the relevant instructions above.

UPUSD is currently active in over 40 countries in Latin America and Africa and will continue to roll out in more countries.

At Uphold, we’re proud to support currencies that are truly innovative. We make buying, hodling, converting, and sending value between the 30+ digital and traditional currencies we support easy for anyone to understand and anyone to do. UPBTC is accessible to Uphold members anywhere Bitcoin is available on Uphold.