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COPENHAGEN, DENMARK, December 12, 2022
Copenhagen-based fintech company ARYZE has unveiled the first of its suite of digital currency assets, ARYZE Digital Cash, on European digital assets exchange Switchere. 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.
“Given the serial issues with trust and digital assets following the collapse of FTX and others, the timing of our launch is prescient not least as we just completed an oversubscribed funding round of over 2 million DKK.” – Jack Nikogosian, CEO at ARYZE
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.
The ARYZE Origin Story
Nikogosian, former Head of Innovation at Coinify and a renowned public speaker and thought leader on crypto, blockchain and Web3, sees the mission of ARYZE to be an enabler of financial inclusion around the world. “ARYZE is a new kind of financial institution, supporting what we like to call a ‘consumer facing CBDC’ with all the benefits of security and trust you would expect from a Central Bank but with much greater flexibility and freedom.”
“ARYZE is taking the CB out of CBDC”, comments Morten Nielsen, ARYZE Co-Founder & CFO. “After decades in senior management with J.P. Morgan, UBS, and BNP Paribas, it became so clear to me how money and banking is malfunctioning.”
Jack Nikogosian added, “As Morten and I co-founded ARYZE, we saw that the issues confounding the widespread adoption and trust in crypto currencies were actually growing, not receding and really needed to be solved for. At ARYZE we really think we are doing exactly that! The result will be transformational, especially for the vast numbers of unbanked and under banked individuals – and indeed companies – all over the world who need access to instant and dependable payments without a bank account together with an asset whose value is completely robust and predictable.”
The ARYZE team would like to wish a very Merry Christmas and a happy New Year to all of the readers. Cheers to a joyous holiday season and a successful year ahead!