Copenhagen-based fintech ARYZE has introduced the first of its suite of digital currency assets, ARYZE Digital Cash, on European digital assets exchange Switchere.
The firm claims that the launch “offers a glimpse into the future of full reserve banking based digitized cash, with ARYZE eEUR now available for purchase on the trusted exchange.” ARYZE’s stablecoin series “offers a stable and trustworthy alternative to traditional digital assets.”
Stablecoins are “a significant and controversial asset class within the crypto ecosystem, and yet are not necessarily promoting the very stability that their name would imply.”
ARYZE has recently “launched a basket of alternative assets which are based upon the concept and the reality of full reserve banking.” Issued by ARYZE (BVI) Ltd, ARYZE Digital Cash eEUR, and other variants such as eUSD and eGBP, “are 100% asset-backed with zero leverage.”
CFO Morten Nielsen explains that:
”ARYZE Digital Cash has its roots in the history of modern economics adhering as it does to the so-called Chicago Plan of 1939. You could say that at ARYZE we are going “back to the future” in heralding a new digital asset class which underpins the separation of the monetary and credit functions inherent in the traditional banking system. Unlike other digital assets, we require 100% reserve backing for our assets. This makes our programmable money concept unique, fully solvent, and completely trustworthy.”
Issued by ARYZE (BVI) Ltd, ARYZE Digital Cash will “provide individuals and businesses with a means of exchange as instantly available and transferable as any mainstream crypto asset, with the stability of a government backed digital currency and none of the issues of surveillance and acceptance that accompany a so-called Central Bank Digital Currency (CBDC).”
Coinciding with the launch of ARYZE Digital Cash, the business is also “unveiling MAMA DeFi, a decentralized, self-custody exchange where users can buy, trade, and use Digital Cash.”
In addition, ARYZE is now in public beta “with reForge, a unique cross chain protocol that enables the transfer of Digital Cash between different blockchains and the conversion between different variants of Digital Cash.”
Founded in 2017, ARYZE is a Copenhagen based fintech enterprise “on a mission to solve the biggest problems within the financial system by promoting global financial inclusion and enabling the two billion unbanked people worldwide to access financial services.”
ARYZE Digital Cash, “such as ARYZE eEUR is issued by ARYZE (BVI) Ltd, a wholly owned subsidiary of ARYZE in the crypto-friendly jurisdiction of the British Virgin Islands.”
ARYZE is “committed to building services for the ‘fourth industrial revolution’, specifically related to digital assets and programmable money.”
The company recently “raised over 2 million DKK to launch and scale its Digital Cash offering, with ARYZE eEUR now listed on the European exchange Switchere.”
ARYZE also plans “to launch MAMA DeFi, a decentralized exchange where eEUR will be traded against other Digital Cash variants.”
To date, ARYZE has “raised more than 20 million DKK through multiple funding rounds, and is planning a Series A funding round in 2023.”