New Era for the Traditional Payment Infrastructure
Witnessing a revolution in the fintech industry, the Danish startup ARYZE saw an opportunity in “making ‘analog’ money smarter.” While the hype of blockchain and IoT in the financial world is getting more attention, individuals and businesses are still relying on a traditional payments infrastructure, which makes money flow an expensive process.
ARYZE was founded in 2017 by Jack Nikogosian, who is a Danish blockchain expert with a vast knowledge of the cryptocurrency space. Co-founders are CFO Morten Nielsen, who comes with banking experience from top positions at J.P. Morgan and UBS as well as Carl Jenster, who serves as the community manager.
The company’s goal is to become the most preferred payment platform by individuals and businesses.
Our platform can assist businesses, large and small, as well as individuals to move value in a more efficient way. We are seeking to reform the global payment networks by providing a platform for cheap and fast transactions, as well as enabling businesses to build smarter fintech products on top of our engine. Explain the founders who in this way are trying to redefine the payment network and make this process time-efficient.
eKR, the Virtual Representation of the Danish National Currency
Although Denmark is a hub of innovation, the founders noticed that due to the lack of trust, the population still relies on conventional intermediaries to ensure security. To avoid the trust factor, ARYZE is creating the stable coin eKR as a virtual representation of the Danish Kroner, by using blockchain and modern IT systems.
Jenster explains that these coins are to act as digital representations of underlying fiat currencies and will be used to ”power a payment platform, where businesses and developers can build solutions that integrate with a smarter generation of money.”
Combining the traditional and virtual currency, ARYZE is striving to create an ecosystem where the eKR could move without transaction fees.
Built in this way, ARYZE is operating both B2B and B2C models, i.e. businesses that seek a solution to decrease their transaction fees, particularly global supply chains, but also individuals. For that matter, the company is working on a downloadable mobile app for its B2C users and a web-interface and business dashboard for the business users.
Competing in a $6,228.2 Million Market
Targeting the growing fintech market through the offer of a blockchain-based solution, ARYZE is operating on a potentially $6,228.2 million market by 2023, as estimated by Research and Markets.
Market of such size is expectedly being targeted by emerging, as well as by established companies ready to embrace the digitization trends. Some of the most prominent competitors in that environment are Revolut, Circle and Paypal, which are already known in the payments industry. ARYZE, rather than disrupting the market, aims to bridge the gap between traditional money and cryptocurrency, which adds to its value.
Having won the “Best New Danish Startup” at Copenhagen Fintech Week 2018 and “Best FinTech Startup” at Venture Cup 2018, which are some of the most prominent national startup competitions, ARYZE is confident they are on the right track.
This is one of many content decks created by Valuer.ai as a partner of Nordic Startup Awards. Valuer.ai is an ai platform that pairs large corporations, venture capital firms, and accelerators with fresh early stage startups.