Ubyx, a new company focused on stablecoins, has raised $10 million in seed funding. The platform plans to make stablecoins easier to use by letting banks and fintech firms redeem them at face value.
Those who took part in Series A are major crypto investors like Galaxy Ventures, Coinbase Ventures, Founders Fund, and VanEck, among others. The one who founded Ubyx has behind his back three decades of experience in payments.
His goal is to create a system that will make stablecoins as easy to use as fiat currency. As of now, there are barriers for both individual users and institutions while using stablecoin. Every issuer creates its network, which consumes time and resources.
Stablecoin redemptions made easy by Ubyx
Moreover, many banks do not accept stablecoins as part of their cash holdings. Ubyx is working to fix that issue. The platform connects stablecoin owners and users directly. It allows conversion to fiat at par and operates within the existing bank account system.
The aim is to decrease the fragmentation in the market. At the same time, it helps stablecoins meet accounting and legal standards. Ubyx hopes that this will bring traditional finance on a course of using stablecoins. Ubyx has already partnered with several issuers, Paxos, Ripple, Monerium, and BiLira, among others.
The purpose is to have many stablecoins that would be used worldwide with a commitment across different countries and blockchains. Banks and fintech firms will join the alliance as well as help in the provision of wallets that will support stablecoin deposits. The company aims to support a wide variety of blockchains.
Ubyx teams up with Blockchain networks
They are among Solana, Polygon, Avalanche, Base, Stellar, Sui, and many others. Technology partners will offer tools like wallets to analytics up to security services that can help large institutions work with blockchain-based assets. The Ubyx expects to be operational by the end of 2025.
With time, the platform will expand its support to other currencies and will move on to decentralized governance. The team urges all players in the industry as well as regulators to join the Ubyx Association. The purpose is to co-construct the strategies of stablecoins and be ready for their massive deployment. Ubyx has a vision that stablecoins will be as broadly accepted as debit/credit card payments are today.
Ubyx is tackling the challenges directly. They believe that building trust and functionality into digital money will make it just as reliable and easy to use as current systems. With support from big names in crypto and finance, it is upon this background that the company intends to push stablecoins into the global financial system.
