UBYX, a startup founded by former West Grop executive Tony McLaughlin, has raised $10 million to build a global stable clearing system designed to promote adoption of the industry.
The seed bullet is led by Galaxy Ventures, based on support from Coinbase Ventures, Founders Fund, Paxos, Vaneck, and more. Press release.
The London-based company is seeking to address a long-standing problem in the Stablecoin market: the split. It says that at present, every issuer must build its own out-cross infrastructure, which is an expensive and inefficient process.
UBYX has proposed a universal clearing system that will allow multiple issuers to exchange stabilizers for bank or fintech accounts at face value. UBYX said eliminating the need for each issuer to build its own distribution network will help resolve market breakdowns.
Just as a small bank can issue visa cards without building a network of merchants, UBYX wants any bank to accept and redeem any compliant Stablecoin.
This may help stabilize accounting standards that are considered cash equivalents, a key barrier to institutional adoption.
“UBYX can have a diversified market structure with multiple issuers, multiple blockchains and multiple currencies in a global, interoperable network,” said McLaughlin, the company’s founder and CEO.
The signed issuers include Ripple, Paxos, Transfero and Monerium.
The system will be redeemed through regulated financial institutions and pass compliance checks for anti-money laundering and know your customers. The project will be available later this year and supports more than a dozen blockchains, including Solana, inotum and XRP Ledger.
According to Bernstein Our key legislation Passing.
Several business giants, Including Walmart and AmazonIt is reported that it has been considered for issuing its own stablecoin. Most major banks in the United States also weigh LJoint stableTo withstand competition in the cryptocurrency field.
