Zytara, a fintech company that recently came out of stealth mode, has announced the launch of the Zytara dollar – a stablecoin called ZUSD. Having partnered with Prime Trust, a platform that enables payments, custody and settlement of cryptocurrencies, Zytara plans to provide an easy payment solution for gamers and esports enthusiasts around the globe. To talk about digital currencies and the gaming industry, we sat down with Zytara founder and CEO Al Burgio.
1. Al, from the announcement, it is obvious that your company is very focused on the intersection between the gaming community and cryptocurrency. What brought about this?
“Zytara is a fintech company developing a digital banking platform. We believe that consumers, including gamers and esports teams would benefit from a platform that combines traditional banking services with the innovation of the blockchain and cryptocurrency industry. Zytara will provide significant value to the rapidly growing gaming and esports industry,” Burgio said.
“The growing popularity of esports is nothing short of amazing. The esports audience size has already surpassed that of many traditional professional sports leagues. Newzoo estimates that the number of esports viewers will grow to 646 million globally by 2023, with “occasional viewers” and “esports enthusiasts” growing to 351 million and to 295 million, respectively.”
2. Could you tell us a bit about the Zytara dollar (ZUSD) stablecoin?
“You can think of ZUSD (Zytara dollar) as digital money that you can send and receive like email. ZUSD is issued by a regulated financial institution and redeemable on a 1:1 basis for US dollars. The underlying blockchain technology also enables ZUSD to in effect be programmable dollar that moves at the speed of the Internet to and from anywhere in the world.”
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3. It is clear that the current banking system is not built to cater to gamers and esports enthusiasts. How is your company addressing this?
“Zytara is focused on strategically partnering with organizations in the gaming and esports industry, including esports teams, leading tournament operators, gaming publishers, and other brands working within this global ecosystem. These key partnerships will help Zytara embed its platform within this industry and accelerate its accessibility to more and more consumers, including gamers.”
4. What informed your choice to launch the stablecoin on the Ethereum blockchain?
“ZUSD will be brought to multiple blockchains, starting with Ethereum, and providing compatibility with thousands of products and services, including digital wallets, exchanges, lending and payment services. 2021 will bring an implementation on the DigitalBits blockchain, enabling thousands of transactions per second (TPS) and settlement time in about 5 seconds.”
5. What will be the role of Prime Trust in this venture?
“Prime Trust, a state-chartered trust company in the United States, is the ZUSD token’s official regulated trustee and administrator. ZUSD is redeemable on a 1:1 basis for US dollars held in an FDIC-insured trust account managed by Prime Trust.”
6. What does the future of financial inclusion look like for gamers?
“Financial inclusion and financial literacy are both important areas of focus for Zytara. In addition to the vast number of people still unbanked in the world, there is also a growing responsibility for both esports teams and parents to educate the youth within their household, especially households with young aspiring esports athletes. Zytara is looking to play a part in supporting both esports teams and parents also in this regard.”