Stablecoin Payment Company Standard Economics Completes $9 Million Seed Round, Led by Paradigm

On October 28th, as per Fortune magazine, the stablecoin payment startup Standard Economics announced the successful completion of a $9 million seed round of financing. This financing was led by the crypto venture capital firm Paradigm and involved participation from Lightspeed as well as strategic angel investors. It is reported that the startup intends to utilize this funding to develop its application. The goal is to create an "all-in-one platform" that enables global users to send cross-border payments or remittances and obtain USD through stablecoins. The co-founder and CEO, Evan Jones, declined to disclose the company's valuation. Currently, the company has six employees and has not generated any revenue. Standard Economics' first product, the Uno application, was launched in Mexico on Tuesday and supports both iOS and Android. The app is designed to allow users to freely utilize a full set of banking tools, including domestic payments and remittances to other countries. After the launch in Mexico, the company plans to expand Uno to Argentina, the Philippines, and other countries in Latin America and Asia.