ARYZE
| File:ARYZE_logo.png | |
| File:ARYZE logo.png | |
| Private | |
| ISIN | 🆔 |
| Industry | Fintech |
| Founded 📆 | 2017 |
| Founders 👔 | Jack Nikogosian (CEO) Morten Nielsen (CFO) Carl Jenster (CM) |
| Headquarters 🏙️ | Copenhagen, Denmark |
Area served 🗺️ | |
| Products 📟 | Digital Cash |
| Members | |
Number of employees | |
| 🌐 Website | www.aryze.io |
| 📇 Address | |
| 📞 telephone | |
ARYZE is a Danish fintech company that was established in 2017.[1] The company is becoming a full-reserve bank and developing a payment network with the goal of digitalising fiat money and removing the intermediaries involved in digital transactions. The ARYZE payments network will link the value of state-issued currencies such as Dollars and Euro to a virtual cryptocurrency (e.g. an eDollar or eEuro). The national currency will be deposited into a network of banks and government bonds, which are issued and warranted by the Central bank of each country where ARYZE operates. By doing so, the virtual currency is turned into fully redeemable stablecoins backed by and pegged to national currencies.[2]
The vision of the Aryze project is to bridge traditional financial infrastructure with the world of digital assets and programmable money, creating an efficient, flexible, trustworthy and well-regulated ecosystem that enables money to become fully digital. The company also aims to solve the UN Sustainable Development Goal Number 10 by lowering the global average cost of sending money abroad from roughly 7% to approximately 1%.[3]
History
The company was founded in 2017 by Jack Nikogosian, Morten Nielsen and Carl Jenster. Nikogosian has been working with cryptocurrencies since 2013, and became known globally as 'Bitcoin Jack' after paying uniquely in Bitcoin for one full month.[4]
ARYZE completed an Initial Coin Offering in January 2019, where the company raised 1.6 million USD from 283 early investors from 15 different countries.[5] [6] [7] [8]
In September 2019, ARYZE launched its regulated Security Token Offering (STO) with the goal of raising 29 million USD. The company invested the raised capital in building a secure global banking infrastructure in order to file for an e-banking license.[9] The money is also used as the risk-offsets necessary to keep the Digital Cash product stable and free of credit risk.[10]
Technology
ARYZE uses distributed ledger technology to run RYZEnet, the core engine for its products. RYZEnet is a network of trust that keeps an overview of transactions in the company's ecosystem. It is a distributed, permissioned network based on validated solutions and algorithms that can provide security and transparency within financial activities. Using API integrations, trusted third-party participants on RYZEnet can attach and thereby use Digital Cash within their systems.[11] RYZEnet ensures interaction with the outside world, partners and users as a distributed ledger that is safe and transparent.
A central element of the ARYZE ecosystem is the RYZE token, which is a security token, commonly referred to as a cryptocurrency.
ARYZE uses distributed ledger technology to transfer the ownership of value, rather than moving money in and out of banks and payment processors. By using the technology to assign the ownership of a certain amount of money to a user in a secure environment, ARYZE reduces the number of intermediaries and thus cost and time.[12]
The MAMA App
At the core of the RYZEnet, ARYZE has developed an e-money application called MAMA, which stands for Multi-Asset Modular Application. The MAMA app is available both as a mobile platform and also as a web-based dashboard.[13]
The MAMA app allows its users to hold, send and receive their cash in the e-money application, much like a digital bank account. Transactions can be made either through the application itself, or through a top-up debit card that can be linked to the app.
MAMA allows users to store their currencies in different accounts. The application is customisable in the sense that different modules can be added or removed, depending on the needs of the user.[14]
MAMA Business is the ARYZE e-money dashboard for businesses that allows corporations and small-to-medium-sized enterprises to seamlessly manage Digital Cash for treasury and cash flow operations. Businesses are subject to different KYC and AML requirements than retail users, but once on the network, they are treated similarly and have the same security advantages.
Financial model
ARYZE utilises a full-reserve banking model, where the bank infrastructure does not facilitate loans or any kind of financial speculation. Funds are stored 1:1 in the currency's corresponding central bank and are fully redeemable by the owner at any given time (even in the event that ARYZE ceases to exist). ARYZE was the first company in Denmark to complete an Initial Coin Offering in January 2019[15].
Any revenue generated inside the ARYZE ecosystem is shared 50% between ARYZE, and 50% is used for RYZE token burns in open market operations. This is similar to a dividend payment through stock repurchase.
References
- ↑ "Aryze IVS - The Central Business Register of Denmark". Datacvr.virk.dk. Retrieved 21 October 2019.
- ↑ "ARYZE partners with AmaZix to move stablecoins into mainstream market". Coinrivet.com. Retrieved 19 November 2019.
- ↑ "Danish Crypto Startup Aryze Completes US$1.6M ICO". Coinjournal.net. Retrieved 22 October 2019.
- ↑ "FinTech/Blockchain Q&A: Jack Nikogosian, CEO Aryze". Forbes.com. Retrieved 31 October 2019.
- ↑ "Aryze completes first ICO on Danish soil to build the backbone of future finance - TechSavvy". Techsavvy.media. Retrieved 21 October 2019.
- ↑ "Fintech-firma henter millioner med kryptofinansiering: Vil være 1 mia dollar værd inden for tre år". Borsen.dk. Retrieved 22 October 2019.
- ↑ "How to run a successful ICO in a bear market". Coinisseur.com. Retrieved 9 February 2020.
- ↑ "Aryze completes first ICO on Danish soil to build the backbone of future finance". Techsavvy.dk. Retrieved 22 October 2019.
- ↑ "Blockchain-komet vil rejse små 200 mio og børsnoteres". Borsen.dk. Retrieved 22 October 2019.
- ↑ "Aryze aims to raise 29 million USD in new STO". Techsavvy.dk. Retrieved 22 October 2019.
- ↑ "ARZY - Business Lightpaper" (PDF). Challenge.dk. Retrieved 9 February 2020.
- ↑ "FinTech/Blockchain Q&A: Jack Nikogosian, CEO Aryze". Forbes.com. Retrieved 31 October 2019.
- ↑ "ARZY - Business Lightpaper" (PDF). Challenge.dk. Retrieved 9 February 2020.
- ↑ "How to run a successful ICO in a bear market". Coinisseur.com. Retrieved 9 February 2020.
- ↑ "Aryze completes first ICO on Danish soil to build the backbone of future finance - TechSavvy". Techsavvy.media. Retrieved 21 October 2019.
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