Utopia Labs, a company backed by Paradigm, has released an Ethereum-based solution that facilitates the transfer of USDC to any US bank account, with the aim of bridging the gap between crypto and fiat.
This process eliminates the need to involve centralized exchanges, thus providing a more streamlined and speedy transaction.
The release of this product is designed to provide a more straightforward path for firms who use crypto to pay for services and other goods.
The platform is integrated with the Safe wallet (formerly Gnosis Safe) and has the capacity to exchange tokens through over 100 decentralized exchanges. Utopia Labs raised $23 million in a Series A funding round in 2022, which was supported by Paradigm, Circle Ventures, and Coinbase Ventures.
This endeavor follows on from Circle’s earlier USDC stablecoin launch on the Arbitrum network.
