A group of six blockchain firms called Universal Protocol Alliance is launching a euro-pegged stablecoin next month.
The alliance announced the news Thursday, saying that its “universal euro” (UPEUR) token is aimed at users looking for a low volatility cryptocurrency. The stablecoin can also potentially offer holders an annual rate of return of 8 percent, the group said.
“In countries with high inflation or limited access to traditional banking, users can now lend their Euro-pegged assets and earn interest,” the companies said.
Aside from Cred, the alliance comprises of the Bittrex crypto exchange, blockchain-based web browser Brave, cryptocurrency finance startup Uphold, student organization Blockchain at Berkeley and blockchain auditing platform CertiK. Together, the group says it sets out to build “unique digital currency products designed to appeal to mainstream users on a massive scale.”
The alliance has previously released other similar products such as a U.S. dollar stablecoin (UPUSD) and a bitcoin-pegged token (UPBTC).
The UPEUR stablecoin will be available directly through the Uphold platform, the alliance said, adding that it can be used to earn interest via crypto loans firm Cred’s CredEarn program, which pays back interest for loans of digital assets.
To earn interest, users “in eligible jurisdictions” will be able to stake the stablecoin through the CredEarn application on Uphold. UPEUR holdings can also be custodied with cryptocurrency storage service providers such as Ledger and BitGo.
Dan Schatt, co-founder of both the alliance and Cred, commented:
“The Universal Euro offers access to a high rate of return and the same commitment to code quality, investor safeguards and transparency. UPEUR is architected with institutional-level security in mind and designed to allow for quick, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or other digital assets.”
In a similar development earlier this week, TrustToken, developer of dollar-pegged stablecoin TrueUSD, also announced that the token’s holders can now leverage their funds to earn “up to 8 percent” in annualized returns. TrustToken also partnered with Cred for the effort, while Uphold, BitGo, Bittrex and Ledger joined as custody providers.
Germany’s central bank chief is not alarmed by Facebook Libra
- Germany’s central bank chief, Jens Weidmann, believes that Libra must answer all the questions before they go ahead.
- He feels that if Libra delivers on its purposes, then it can be “attractive to consumers.”
The president of Germany’s central bank and European Central Bank policymaker, Jens Weidmann has stated that he is in favor of Facebook’s Libra. As per Reuters, Weidmann said at a G7 meeting:
“There’s no reason to be alarmed but there’s reason to be vigilant.”
Weidmann also said that Facebook should only go ahead with Libra after answering all the questions posed to them. Facebook’s blockchain lead, David Marcus, recently revealed to U.S. senators and congressional representatives, that Libra will go ahead only after it has satisfactorily addressed all regulatory and ethical concerns. Weidmann also believes that if Libra delivers on all its promises, then it can be “attractive to consumers.”
Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung
Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin” trademark.
According to filings with the Korean Intellectual Property Office (KIPO), an application to register the trademark in both English and Korean was submitted on July 10 by an individual called Kim Nam-jin.
The filing was made under categories related to computer programs, such as “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”
However, when contacted, a Samsung representative told CoinDesk that the tech giant was not behind the application.
“We don’t work this way,” they said.
While the trademark application does not specifically state whether it’s related to blockchain or cryptocurrency, the filing follows CoinDesk’s previous report that Samsung is developing its own blockchain using ethereum tech, and may eventually issue its own cryptocurrency, possibly called “Samsung Coin.”
In a possible clue as to their motivation for the filing, the same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.
The KIPO database shows that Kim Nam-jin also filed an application on July 10 seeking to trademark “ThinQ Wallet.”
However, on July 2, LG Electronics, also based in South Korea, filed trademark applications both in South Korea and in the U.S. for “ThinQ Wallet.”
Based on the LG application details, the wallet would provide a variety of mobile services including “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.”
The “Samsung Coin” filing was initially covered by a few news sources that incorrectly indicated Samsung is applying for the trademark.
CoinDesk Korea’s Shinjae Yoo assisted with reporting.
WATCH: A FinTech Lawyer Breaks Down Libra’s Legality
Joel Telpner, Chair of Fintech and Blockchain Practice Group at Sullivan & Worcester LLP, isn’t surprised that Facebook is getting a grilling on Capitol Hill. In fact, he’s pleased.
“These are attacks on Facebook itself that really has nothing to do with crypto has nothing to with Libra it’s just Facebook being bad boys you know [they’re] concerned about [their] privacy policies,” he said.
His point, quite simply, is that any scrutiny of crypto in DC is vital.
“Parts of the hearing so far where they’ve actually been able to get into conversations about Libra and about crypto have been interesting because on that side of it you’ve seen some Senators that have been skeptical,” he said. “But overall it’s kind of it’s been encouraging to hear some of the senators talking about ‘Hey, this is a good thing.’”
Telpner joined CoinDesk editor Pete Rizzo in a wide-ranging conversation about the legality of Libra and, in the end, what Facebook and the Government will have to do to come to terms with the future of crypto.
You can read our complete Libra coverage here and watch our CoinDesk LIVE interviews here.