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Barclays has made a strategic investment in Ubyx Inc., a US-based clearing system for digital money including tokenised deposits and regulated stablecoins.
The investment positions Barclays within the emerging infrastructure for tokenised money as regulatory frameworks develop across multiple jurisdictions. Ubyx operates a clearing system designed to enable interoperability between different tokens, blockchains and digital wallets for regulated financial institutions.
Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays
Ryan Hayward, head of digital assets and strategic investments at Barclays, said:
"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."
Ubyx is building what it describes as a globalised acceptance network for regulated digital money, including tokenised deposits and regulated stablecoins. The system requires bank participation to provide par value redemption through regulated channels.
Tony McLaughlin, CEO of Ubyx
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."
The investment comes as regulatory clarity around digital money advances in several jurisdictions, with adoption emerging beyond cryptocurrency use-cases. Barclays and Ubyx have stated their commitment to developing tokenised money within regulatory frameworks, as tokens transacted on public blockchain infrastructures attract growing interest from financial institutions.
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