" class="no-js "lang="en-US"> Conyi launches, featuring a stablecoin backed 1-1 by the USD
Wednesday, December 07, 2022

GreenBox POS launches coyni platform, featuring one of the industry’s few stablecoins backed one-to-one by the U.S. dollar

GreenBox POS (NASDAQ: GBOX), a financial technology company that leverages proprietary blockchain security and token technology to deliver customized payment solutions, has launched the coyni platform, featuring one of the world’s few stablecoins backed by U.S. dollars on a one-to-one ratio with near real-time attestation.

Each coyni digital token held in a wallet on the platform is matched with one U.S. dollar held in a custodial account with a federally insured financial institution. The dollars backing coyni stablecoin are not tied up in investments or converted to other cryptocurrencies — a practice that has led to the failure of other stablecoins and severe market disruption. In addition, GreenBox announced earlier this year a partnership with audit firm Armanino to attest to all coyni custodial accounts in near real-time, ensuring every coyni in circulation is always backed by a U.S. dollar.

“In the U.S., coyni is literally a digital representation of a U.S. dollar, but with what we believe is the ability to transact with greater flexibility and security than cash itself,” said Fredi Nisan, GreenBox POS CEO. “As a result, if you receive a $10 payment via the coyni platform, you can have absolute confidence that payment will not vary in value like with other cryptocurrency or even stablecoins using alternative backing methodologies. This allows coyni users to enjoy the speed and security of blockchain transactions with the stability of U.S. currency — something we don’t believe any other company offers,” he added.

Consumers and businesses can use the coyni platform for nearly any kind of payment, transfer of currency or the purchase of a myriad of different gift cards. Dollars are converted to coyni and the transaction is memorialized on the company’s secure blockchain, in the blink of an eye.

Market turmoil with stablecoin models that are pegged using an algorithmic methodology or tie backing assets in non-liquid or risky investments have caused a great deal of industry turmoil. GreenBox is committed to having current reserves in the trust (custodial) accounts to ensure liquidity under any scenario. This means all funds will be readily available in the event all users elect to exit at the same time in a “run-on-bank” type scenario. To underscore this commitment, after a lengthy process of IT review, compliance checks and completing SOC 2 compliance certification, GreenBox received final approval for near real-time attestations of all custodial accounts from Armanino.

“Many companies are performing weekly or monthly attestations, but that’s a bit like an air traffic control report from several days ago,” said Nisan. “Our customers have the assurance that every coyni in circulation is backed by a U.S. dollar in our custodial accounts in close to real time, which can be verified by users on our coyni website through our link to Armanino.”

The coyni platform is currently available on Google Play and coming soon on iOS. For consumer or business account registration, please visit www.coyni.com.

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