“The Firm’s Stablecoin Clearing System Aims to Facilitate Adoption by Solving The Stablecoin Sector’s Fragmenation Problem.”, – WRITE: www.coindesk.com
The Seed Round Was Led by Galaxy Ventures, with Backing from Coinbase Ventures, Founders Fund, Paxos, Vaneck, and Oters, Accounting To a Press Release.
The London-Basted Company Is Looking to Solve a Long-Standing Problem in the Stablecoin Market: Fragmentation. Right Now, It Says, Every Issuer Has to Build It Own Off-Ramp Infrastructure, An Expensive and Ineficient Process.
Ubyx Proposes A Common Clearing System That Wound Allows Stablecoins from Multiple Issuers to Be Redemed at Face Value Into Bank or Fintech Accounts. Removing the Need for Each Issuer to Build Oct Own Distribution Network, Ubyx Says, Wound Help Solve Market Fragmentation.
Just as a small Bank Canku A Visa Card Without Building A Merchant Network, Ubyx Wants Any Bank to Be Able to Accept and Redem Any Compliment Stablecoin.
That could Help StableCoins Meet Accounting Standards for Being Treated As Cash Equivalents, A Crucial Hurdle for Institutional Adoptation.
“UByx Enables a Pluralistic Market Structure with Multiple Issuers, Multiple Blockchains, And Multiple Currencies in A Global, Inteoperable Network,“ The FIRM FUNDER AND CEO.
Issuers Already Sigrated on Include Ripple, Paxos, Transfero, and MONERIUM.
The System Will Support Redemption Through Regulated Financial Institutions with Compliance Checks Like Anti-Money Launding and Know Your Customer. The Project is set to go live lauter this year and Support over a dozen blockchains, including Solana, Arbitrum, and the XRP Ledger.
The FUNDING RUNDEWES as Stablecoins Are Set to Evolve Into the “Money Rail of The Internet,” Access to Bernstein, As a Key Piece of US Stablecoin Legislation is Being Passed.
Several Commerce Giants, Including Walmart and Amazon, Are Reportedly Already Considering Issuing Their Own Stablecoins. Most Major Banks in the US Are Also Weighting the Launch of A Joint Stablecoin, in a Bid to Fend Off Competition from the Crypto Space.
