Deep Tide TechFlow News, on June 17, according to Bloomberg, startup Ubyx Inc., operated by Tony McLaughlin, a 20-year veteran of Citigroup, has secured $10 million in seed funding, led by Galaxy Ventures, with participation from Coinbase Ventures, Paxos, and VanEck.

Ubyx is building a clearing system aimed at connecting stablecoin issuers with banks and fintech companies, reducing friction for users when making payments with crypto tokens. The company stated that this will address the current barriers hindering the widespread adoption of stablecoins.