UBT confirmed for Coinbase Custody — Deepening Partnership with Provide to enable the Universal Business Token
September 30, 2020 — Today, the Unibright Token (UBT) has been approved to be a listed asset on Coinbase Custody. Professional offline storage solutions for tokens, a solid token model, automated payments and professional fiat gateways are the groundwork to establish an enterprise-grade blockchain token ecosystem. Additionally deepening the partnership with Provide and including UBT in Provide Payments, UBT is ready to evolve into the Universal Business Token.
Launched in 2018, Coinbase Custody offers clients access to the secure, institutional-grade offline storage solution that has been used by Coinbase’s exchange business since 2012. Coinbase Custody is an independent, NYDFS-regulated entity built on Coinbase’s crypto-first DNA, offering the most sophisticated and reliable custody solution in the world.
The Unibright Token UBT is now a listed asset on Coinbase Custody, enabling enterprises to securely store and access UBT. The Unibright Token is mandatory for the use of all Unibright products and solutions. Additionally, it will be used to abstract from underlying transaction costs like GAS costs in Ethereum, transaction costs for other blockchains and integration costs with off-chain systems or oracles.
Andrew Robinson, Institutional Sales & Trading manager of Coinbase states:
“We are happy to welcome Unibright to the Coinbase ecosystem. Including UBT in Coinbase Custody now provides Unibright’s clients, and the entire enterprise blockchain environment, institutional-grade custody solutions for their crypto assets as we work together to drive the adoption of real-world blockchain use-cases.”
Provide Payments, a product of Unibright Partner Provide, is a modern payment rails solution, improving security and trust with automated digital payment contracts, and enabling enterprise adoption with an integrated fiat to crypto gateway. UBT, its products and the token model will be included into the Provide tech stack to further drive enterprise adoption, especially around the Baseline Protocol.
Kyle Thomas, CEO and Founder of Provide adds:
“Provide Payments will enable traditional IT organizations to deploy emergent public blockchain solutions in production, where our commitment to the enablement of UBT as a “Universal Business Token” makes total sense from an enterprise procurement perspective. Our alliance with Unibright continues to push boundaries in enterprise blockchain.”
Marten Jung, CEO and Co-Founder of Unibright, summarizes the benefits of the setup of Coinbase Custody, Provide and Unibright:
“All the concerns of enterprises about using crypto for their business processes are now addressed with UBT, the “Universal Business Token”, as the one token to represent all integration transaction costs. The combination of professional custodian services, automated payments, a fiat gateway and our solid token model is a game changer for enterprises who are currently hesitating to make use of blockchain, especially with complex architectures including various on- and off-chain components and transaction cost models.”
By using the combined Unibright and Provide tech-stack, entering long-term renewable contracts with an initial UBT payment and utilizing professional custodianship, enterprise customers do not have to care about changing underlying technology, transaction costs or technical issues of holding, managing and using crypto currencies.
Adaptations and extensions to the token model of UBT will include the transition of current token lock contracts into Coinbase custodian wallets, a model for transforming clients’ UBT into the currencies of needed integration transactions, the enabling of a circulating supply while keeping the advantages of the current model with used tokens not entering the open market again, and exploration of additional exchanges listing UBT.
This is a superior base for business adoption and also for future products around tokens and De-Fi with Unibright Freequity and other products, as Patrick Lowry, CEO of Iconic Holding and Unibright Advisor explains:
“As an asset management group, crypto custody is often cited as the #1 concern of our investors. Coinbase offers a robust and trusted solution for Iconic’s investment vehicles, and it is wonderful they are expanding these services to the UBT token. I have no doubt Unibright’s enterprise clients will be thrilled to receive the same world-class custody services our investors do within the Unibright Framework. This is further testament to the ongoing excellence delivered by Unibright and its team.”
Updates and details on UBT as well as next steps with Unibright, Coinbase and Provide will be shared frequently on our blog and channels.
Unibright is a team of blockchain specialists, architects, developers and consultants with 20+ years of experience in business processes and integration. Unibright turns ideas into businesses, and improves processes with the help of blockchain technology.