Ubyx Secures $10M to Standardize Stablecoin Redemption
Ubyx, an innovative cryptocurrency startup, has raised $10 million in seed funding to develop a standardized platform for stablecoin redemption. The funding round was led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, and Paxos. The platform is scheduled to launch in Q4 2025.
Solving Market Fragmentation
The current stablecoin market suffers from fragmentation, with each issuer maintaining separate distribution networks. This creates inefficiencies and limits interoperability. Ubyx addresses this by creating a unified clearing system that connects multiple issuers with financial institutions.
Bridging Crypto and Traditional Finance
The platform enables direct redemption of stablecoins for fiat at par value through existing bank accounts. This integration with traditional finance reduces friction and supports accounting treatment as cash equivalents.
Multi-Chain Support
At launch, Ubyx will support major blockchains including Aptos, Arbitrum, Avalanche, Base, and Solana. This broad compatibility ensures wide accessibility for different stablecoins and financial applications.
Strategic Partnerships
Ubyx has secured partnerships with leading infrastructure providers BitGo, Copper, Chainalysis, and Fireblocks. These collaborations ensure the platform meets enterprise-grade security and scalability requirements.
