‘Sending USDC’ service from Utopia to banks

Another service that will provide great convenience in fixed coin payments is coming from Utopia Labs, in which Paradigm, one of the largest crypto money investor companies, also invests. In the statement made by the company, it was stated that businesses can send USDC to any US bank from anywhere in the world. In the statement made by the company, it was stated that this service aims to build another bridge to the gaps between crypto and fiat.

In the announcement, which gave detailed information about the payment system, the US banking system was also criticized:

The shortcomings caused by the inability of the US banking system to support crypto will be closed thanks to this solution of our company. Companies that pay, receive investments or make money will be able to pay in USDC to literally anyone who has a bank account in the US.

Companies that want to use this service of Utopia Labs will transfer their KYC and KYB information, also known as “Know Your Business”, to the company. In the statement made by Utopia, it was also stated that after this information is given, companies will be able to get approval and start transactions within 2 days. The company will charge a fee of 0.3% on transactions.

This system, which will be valid in many countries, will not be used in Cuba, Russia, Iran, Syria, North Korea and Belarus. Utopia’s roadmap includes the addition of many coins and blockchains to USDC (on the Ethereum network). In 2022, Utopia Labs managed to raise $23 million in funding in the investment round led by Paradigm.