Plasma, a Milan-based provider of stablecoin infrastructure, has unveiled what it claims is the industry’s first neobank specifically designed for stablecoin users, called Plasma One.
According to the start-up: “While hundreds of millions of people already use stablecoins out of necessity rather than speculation, existing interfaces remain broken, applications lack proper localisation, and there is friction converting to cash. Distribution has also traditionally relied on centralised exchanges, generic crypto wallets, and fragmented cash networks.”
“Plasma One is our answer to the distribution problem as it puts us directly in the hands of people who face financial exclusion, delivering permissionless access to saving, spending, earning, and sending digital dollars,” explains founder and CEO Paul Faecks.
The neobank, now accepting waitlist registrations, offers virtual and physical cards with 4% cash back, instant digital dollar transfers, direct stablecoin payments, and yields exceeding 10%. Once fully live, Plasma One will provide coverage across more than 150 countries with card acceptance at approximately 150 million merchants worldwide.
Initially, Plasma says its focus will be on markets where “dollars are most in demand”, implementing localised strategies including native language support, local staff, and integration with peer-to-peer cash systems.
The launch of Plasma One precedes Plasma’s mainnet beta release scheduled for 25 September, with the company planning a phased rollout to facilitate feature development and the gradual onboarding of users.
Earlier this year, Plasma secured $373 million in financial commitments during its public token sale in July, surpassing its reported target of $50 million. The round drew participation from prominent investors, including Bitfinex, Framework Ventures, and Peter Thiel’s Founders Fund.
Source: https://www.fintechfutures.com/
