ARYZE is happy to announce that we have reached a significant milestone. By linking Ethererum to RYZEnet we are now able to support a seamless transfer of USD to the Ethereum blockchain. This comes along with many other recent tech developments on our Digital Cash solution.
ARYZE is building a payment ecosystem that bridges the gap between money and technology. To make use of future trends in the digitization of money we have to make money itself fully digital. The core mission of ARYZE is to create a digital version of cash that can be used within any ecosystem or wallet that clients request. With that in mind, it’s with great joy that we can announce that we have successfully made a transfer of USD to EUSD by sending funds from RYZEnet to Ethereum.
We also have a working alpha of our wallet app ‘MAMA’ as well as a web-based dashboard tailored for business and corporate accounts where users can deposit funds through traditional banking rails and transfer their money to a blockchain of their choosing once an account is created and verified. Surrounding elements like KYC procedures, reporting activities, anti-money laundering requirements, as well as internal policies, are currently being developed. Early backers will soon be invited to test our early stage products and services.
A freer experience with money
When withdrawing cash from an ATM you are not told which wallet to keep funds in, but bank money of today is limited in functionality as it can only do the features that banks want to offer to you. ARYZE Digital Cash is built with a similar mindset to cash where you are free to send funds to third party systems and benefit from existing solutions and tools after depositing funds to MAMA and the issuance of Digital Cash has occurred.
Digital Cash can be moved around the MAMA ecosystem securely and with no added fees and now money can also work with outside platforms like Ethereum. Different blockchains have different communities, approaches, legal statuses, and tools and RYZEnet will be interoperable with popular third-party blockchains requested by our users and communities so that we can issue electronic versions of sovereign currency onto systems that clients prefer to use. Creating the link to Ethereum enables ARYZE to provide a trusted stablecoin solution for exchange services, games, liquidity pools and protocols all over the world that are built on Ethereum.
Traditional Banking Layer
It’s important to note that ARYZE is not here to disrupt the bank sector but to reform money and build the bridges between emerging payment technologies. We are establishing a connection to central banks where we store collateral for Digital Cash in an environment without credit risk. The purpose of this is twofold.
Central Banks can never go bankrupt in their currency, and deposits placed within them can offset credit risk which corporations typically must account for in terms of cost, should they choose commercial banks as custodians.
Storing collateral in central banks provides not only security and trust, but enables us to create a 1=1 representation of cash, that users can transfer at no added fees. We like to say that we are not transferring money but ownership.
Digital Cash is accessible through traditional banking rails and payment channels, as ARYZE operates all activities in a regulated environment with proper permissions and policies.
Users will be able to access traditional banking services, without the need to become a direct client of a bank. Services are offered digitally, through services provided directly by ARYZE, or through third party extensions, produced by verified financial service providers.
Make sure to sign up to the ARYZE newsletter to stay updated on the latest developments and join us on Telegram if you have any questions or comments. We are available around the clock and you can interact with senior members of the team.