AllScale has secured $5 million in seed funding to develop a self-custodial neobank focused on stablecoins. The round was led by YZi Labs with participation from Informed Ventures and Generative Ventures. This platform aims to serve micro businesses and freelancers around the world.
The company is building a financial platform for stablecoin payments. It targets small and medium-sized businesses facing problems with traditional payment systems, such as high fees and slow remittances. This solution provides a self-custodial wallet and tools for invoicing and checkout.
The neobank will initially support the BNB Chain ecosystem with expansion plans. The funding will accelerate product development and market entry. AllScale sees a huge opportunity in serving unbanked entrepreneurs and cross-border freelancers.
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