CHEYENNE, Wyo. and LAS VEGAS, Dec. 15, 2020 /PRNewswire/ -- FinTech company Zytara has announced the upcoming launch of the Zytara dollar (ZUSD) stablecoin in partnership with its wholly-owned subsidiary Zytara Capital LLC (Zytara Capital) and Prime Trust, the leading Universal Asset Platform that enables payments, custody and settlement of alternative assets. This follows news earlier this month around Zytara's plan to launch the first-of-its-kind digital banking platform and payment network for Millennials, Gen Z gamers and esports enthusiasts.
ZUSD will be a stablecoin created by Zytara Capital and issued by Prime Trust, a Nevada-chartered trust company that is also the regulated administrator for ZUSD. Each ZUSD will be 100% collateralized with a corresponding USD held with Prime Trust, redeemable through Prime Trust at a 1:1 ratio and subject to examinations by an independent accounting firm with reports that are made publicly available on a regular basis. ZUSD will initially launch on the Ethereum blockchain, followed by the DigitalBits blockchain as the company executes on its mission to incorporate multiple blockchains.
ZUSD will also be added onto the Zytara platform, enabling members to send and receive payments, earn on spending, and participate in other benefits made possible through the use of a cryptocurrency. This integration is designed to promote financial inclusion and literacy, especially among gamers and esports enthusiasts.
"We are excited to partner with Prime Trust for the ZUSD launch. ZUSD will be a quintessential link to the traditional banking system as well as a major step forward in connecting the gaming industry with cryptocurrencies," said Al Burgio, Founder and CEO of Zytara. "ZUSD users will be able to transact in real time, 24/7/365, simplifying payments and replacing cash with something more flexible and powerful!"
"We've only begun to tap the surface of what stablecoins like ZUSD are capable of," said Scott Purcell, CEO of Prime Trust. "Blockchain-based digital dollars, such as ZUSD, are programmable, enabling a number of features simply not possible with traditional alternatives. As leading provider of financial infrastructure for fintech companies, we're looking forward to working with Zytara to bring ZUSD to market and drive innovation within the banking, gaming, and esports industries."
Other use cases for ZUSD will include:
- sending and receiving payments at any time using a digital stable dollar;
- a medium of exchange within the ecosystem of trading platforms; and
- a programmable dollar supported by fintech, esports and gaming companies, developers, and dApps.
Founded in 2019, Zytara is a financial technology company focused on supporting Millennial and Gen Z gamers and their households. Through the Zytara mobile app, members can sign up for a spending account tailored to gamers and esports fans, with branded debit cards, automated payments for online gaming tournaments, player-to-player (P2P) transfers, and easy-to-use parental controls that enhance financial literacy and provide parents with peace of mind. Zytara, working with regulated partners, will add investing accounts to the mobile app, enabling members to buy and sell stocks and ETFs as well as round up at point of sale. Zytara is partnering with leading esports teams to provide tailored user experiences for their fans in the Zytara mobile app. As part of Zytara's mission and pledge towards financial inclusion, the company plans to add app support for key digital assets including a tokenized U.S. dollar (ZUSD). For more information, visit www.zytara.com
About Prime Trust
Prime Trust is the leading provider of financial infrastructure for fintech companies. Our proprietary Universal Asset Platform, Prime Core, is a modular platform that allows fintech startups and established financial institutions to scale and enter new markets, quickly and simply. The firm powers mobile financial apps, crypto exchanges, securities exchanges, OTC desks, portals, platforms, brokers, investment advisors, exchanges, real-estate syndicators, and others with smart API solutions to create world-class financial services at scale. Services provided by Prime Trust include institutional and retail account types including custodial, IRA, trust, and escrow, coupled with funds processing, AML and KYC compliance, asset custody, counterparty settlement systems, transaction technology and tax reporting. For more information, visit www.primetrust.com
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This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The native token of the DigitalBits blockchain is a key holding of Zytara. DigitalBits' XDB tokens and certain virtual currencies, in general, are not legal tender, in any country, and are not backed by any government as legal tender, nor should they be treated as such.