10 hours ago
Thiel-Backed Fund Invests in Ex-Citi Banker's Stablecoin Startup
A startup run by two-decade Citigroup Inc. veteran Tony McLaughlin raised $10 million from investors including Peter Thiel's Founders Fund to address an issue it says is holding back adoption of stablecoins.
Galaxy Ventures led the seed round in Ubyx Inc., while Coinbase Ventures, Paxos and VanEck and others also participated, according to a statement. Ubyx is building a clearing system for connecting stablecoin issuers with banks and fintechs, aiming to reduce friction for users seeking to use the crypto tokens for payments.
