Barclays invests in Ubyx to advance digital money connectivity
Barclays has announced a strategic investment in Ubyx Inc., a U.S. based clearing system for digital money including tokenised deposits and regulated stablecoins.
“Interoperability is essential to unlock the full potential of digital assets. As the landscape of tokens, blockchains and wallets evolves, specialist technology will play a pivotal role in delivering connectivity and infrastructure to enable regulated financial institutions to interact seamlessly. We are pleased to be joining Ubyx on their journey as we drive forward our shared ambition to accelerate and shape innovation across our industry”, said Ryan Hayward, head of digital assets and strategic investments at Barclays.
Tony McLaughlin, CEO of Ubyx said: “Our mission is to build a common globalised acceptance network for regulated digital money including tokenised deposits and regulated stablecoins. Bank participation is vital to provide par value redemption through regulated channels. We are entering a world in which every regulated firm offers digital wallets in addition to traditional bank accounts.”
This investment comes at a time of growing interest in new forms of digital money based on tokens transacted on public blockchain infrastructures. Regulatory clarity is moving forward in several jurisdictions, and evidence of growing adoption outside of cryptocurrency use-cases is emerging. Barclays and Ubyx are committed to the responsible development of tokenised money within the regulatory perimeter.