Utopia, a crypto payment and treasury management firm, has launched USDC bank transfers for businesses. The paradigm-backed firm, via its new product, introduces a way to send USDC to any US bank account and is available to people in almost all the country.
The new launch will facilitate crypto payment and adoption and allow transfers to service providers, for rent, or for transfers to loved ones. Utopia added that the solution is cut out for entities that earn, raise, or send USD in crypto.
Other payment use cases outlined by Utopia include “VC funds sending USDC wires to port companies, NFT + DeFi projects off ramping their on-chain revenue, and Companies paying their AWS bill + service providers with USDC.”
Utopia shared that the US banking system and other financial systems do not support crypto organizations like themselves. The firm added that as some crypto-friendly banks crash and licenses with FIAT rails are pinned down, it would offer a platform for the organization to offramp without hassle. The organizations mentioned by Utopia include Collectivexyz and PleasrDAO.
According to Utopia, the purpose of building a solution like this is to accelerate crypto payments and improve fiat-to-crypto interoperability.
Practically, businesses can get started on this new path on app.utopialabs.com. This process involves applying as a business, signing up, and doing business verification.
Applications are approved in two business days, Utopia said. Additionally, the solution is available exclusively on ETH.
However, ACH (automated clearing house) transfers will be received within 3 business days, KYB and KYC are required, and companies in Cuba, North Korea, Iran, Syria, Belarus, and Russia, are not supported, Utopia said.
Jeremy Allaire, CEO of Circle, USDC issuer following the launch tweeted “USDC for B2B payments == goodness!.” Also, Kevin Chan, UMA treasurer stated the firm will give the solution a try. He added that it “would solve a lot of [their] problems and remove the need for banks.”
In the long run, Utopia aims to offramp not just USDC, have a chain expansion, and explore onramps.
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