OmiseGo, a finance-oriented scaling network for Ethereum (ETH), has become a member of Universal Protocol Alliance, a coalition of blockchain and cryptocurrency-focused firms.
Targeting financial services and tax collection
In a press release shared with Cointelegraph on Oct. 8, the startup revealed that it will incorporate the Universal Protocol Platform UPT utility token into its payment processing technology. By doing so, OmiseGo intends to let stakeholders to use UP stablecoins for financial services and tax collection, as well as collect transaction fees.
Dan Schatt, co-founder of the Universal Protocol Alliance, said 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.”
Partnership with Hydro Labs to streamline payments
Also today, OmiseGo announced a partnership with Hydro Labs, an open-source blockchain project designed to address the unbanked issue. The cooperation between the companies is geared to streamline Hydro Pay Ethereum-based transactions, purportedly making them instant even when the Ethereum network is congested. Read More...