Hub Culture logo

Ultra Reveals New Tokenised Dollar, Euro, Pound and other Asset Transfer Capabilities

< Previous | Main | Next >

4th Oct 2018




Article Image
Ultra, (the Hub Culture exchange system for tokenized assets) has revealed new capabilities for sending and receiving tokenized dollars, euros and other currencies at the 2018 FedPayments Community Improvement Forum in Chicago. These Ultra Assets, including tokenized assets representing uUSD, uEUR, uGBP, uHKD, uKRW, uAED and other currencies can now be exchanged between members online, purchased with Ven, are fully asset backed and can be stored in digital vaults managed by Hub Culture.

Blockchain integrations for these Ultra Assets to Ethereum, Hyperledger and other blockchain systems are in development, with live auditing for transactions performed by the Open Audit Initiative.

Tokenized fiat in the form of Ultra Assets represents the first step in ubiquitious fast and secure transaction capabilities for digital assets and tokens linked directly to underlying reserves, similar in functionality and scope to Ven. The addition of these tokenized assets to the Ven network represents the successful completion of the first phase of development by Hub Culture of the RAIN/RAIL system, which was put forward as an end-to-end realtime payment system as part of the Federal Reserve Faster Payments Taskforce, which began in 2015 to identity potential faster payment capabilities and innovations in the financial system. Ultra Assets represent the first in several technical steps to deliver RAIN (Realtime Asset Interchange Network) and RAIL (Realtime Asset Interchange Ledger) to the global payments market.

While these new Ultra Assets are not yet fully convertible or withdrawable to a bank account, they represent an important step in Hub Culture's efforts to bring secure realtime transaction capabilities to a diverse array of digital assets using Ultra. Like all projects in the Ultra Asset ecosystem, uUSD, uEUR, uGBP and other newly available assets are available via HubCulture.com and require a series of identity and security checks to be passed using HubID, a robust digital identity system.