"Evan Jones first encountered the burdensome world of cross-border payments when he tried to send money to his parents in rural Ireland, encountering steep fees and slow processing times. After learning that the problem is even more pronounced for people who live in developing countries and often lack banking services, he decided to create Standard Economics, a startup designed to erase the hassle typical of international payments."
"On Tuesday, Standard Economics announced it had raised $9 million in seed funding in a round led by the crypto venture firm Paradigm, with participation from Lightspeed and strategic angel investors. The startup plans to use the money to build out its app, which it describes as a one-stop shop where people around the world can send cross-border payments, or remittances, as well as access U.S. dollars through stablecoins."
"Stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar, are the buzziest technology in crypto at the moment. Congress passed legislation this summer to regulate the technology, and Silicon Valley and Wall Street are exploring integration. And for Jones and Standard Economics, stablecoins are at the center of their vision to make money more accessible to the unbanked."
Evan Jones experienced steep fees and slow processing when sending money to his parents in rural Ireland and recognized the issue is worse for people in developing countries without banking services. He cofounded Standard Economics to simplify international payments and increase access to U.S. dollars via stablecoins. The company raised $9 million in seed funding led by Paradigm with participation from Lightspeed and angel investors to build Uno, an app positioned as a one-stop shop for cross-border remittances and dollar access. Stablecoins are central to the product vision amid emerging regulation and industry interest. The company has three cofounders, six employees, and is not yet generating revenue. Uno launched in Mexico on iOS and Android.
Read at Fortune Crypto
Unable to calculate read time
Collection
[
|
...
]