The Universal Protocol Alliance (UPA) and Cred have organized an event at the Ohana Dispensary in conjunction with San Francisco Blockchain Week. News.Bitcoin.com reported on the UPA and Cred making headway in California when Berkeley City Councilmember Ben Bartlett became the first elected official to make a purchase using bitcoin cash. The purchase at the Ohana dispensary ended up settling instantly in a stablecoin which helps the merchant avoid digital currency volatility.
On Wednesday, October 30, Cred and the Universal Protocol Alliance will be hosting a live demonstration of a point-of-sale (PoS) device that enables purchases with cryptocurrency. Cred’s PoS financial operating system allows customers to utilize any crypto wallet for purchases at the PoS and will debut with bitcoin cash acceptance. Future versions of the Cred financial operating system will also accept debit, credit and gift cards and enable businesses to earn interest and receive a working capital line of credit. The event in Emeryville will kick off San Francisco Blockchain Week and will feature several California elected officials and well-known blockchain executives.
Taking Crypto to a New High: An Event Showcasing Cred’s Global Merchant Solution
The cofounder of Cred, Dan Schatt, told news.Bitcoin.com that the event on Wednesday will also showcase a live demonstration of the PoS hardware running the Cred financial operating system. The business will accept cryptocurrency and settle instantly in the Alliance UPUSD stablecoin for the merchant and the city tax collector’s convenience.
“Several California politicians will be on hand, including local mayors and city council members in the bay area and county assessors”, Schatt detailed. “We will also have crypto industry leaders – the CEOs of Cred, Uphold, Bitcoin.com, Omisego, and journalists.” Schatt added:
A few things will be presented that have never been possible: instant tax collection, particularly in an industry that only collects 17% of tax revenue, instant settlement with the merchant (this usually takes three days with Square), the opportunity for merchants to earn interest on their proceeds and to borrow.
Digital Currency Innovation Coupled With Frictionless Stablecoin Settlement
The event invitation notes there will be music, food, and cocktails. Special guests will include members of the Blockchain Advocacy Coalition, Bitcoin.com CEO Stefan Rust, Mayor of Emeryville Ally Medina, and Berkeley Councilmember Ben Bartlett. The event will not only display the powerful potential of cryptocurrencies like bitcoin cash but also the innovation behind stablecoins. The Universal Dollar (UPUSD) is a stablecoin issued by the Universal Protocol and the first stablecoin to be listed on Uphold. Every UPUSD is backed by the U.S. dollar and coins are minted on-chain with every transaction written to Ethereum.
“The UPUSD stablecoin is completely transparent and 1:1 substantiated with USD. This demonstrates the power of several companies coming together to support the very practical use case of providing significantly better financial services to cash-intensive industries”, Schatt told news.Bitcoin.com. “Every transaction, whether it is facilitated with a debit, credit, prepaid or BCH – Paying results in the purchase of LBA as a translation utility token, which is then collateralized and UPUSD is advanced to the merchant. It requires a lot of companies working together – Cred as a licensed lender, the Universal Alliance as the minter of the stablecoin, the integration of BCH in the PoS system.”
The event “Taking Crypto to a New High” at the Ohana Dispensary on October 30 will start at 5:30 p.m. and the organizers say “make sure to bring your Crypto wallet to experience a revolutionary new use case for blockchain.” Moreover, free transportation will be provided to credentialed San Francisco Blockchain Week attendees. If you are attending the blockchain conference in the Bay area and want to see a revolutionary global merchant solution