On October 23, 2023, Mantle, a Layer-2 blockchain built on Ethereum, launched UR, billed as the world's first blockchain-based neobank, integrating traditional and decentralized financial services.
Features of UR and Supported Currencies
UR offers multi-currency accounts and Mastercard debit cards across over 40 countries, supporting EUR, CHF, USD, and RMB with Swiss IBAN accounts.
Strategy for Integrating Traditional and Decentralized Finance
The platform integrates traditional banking rails like SWIFT and SEPA with blockchain networks including Ethereum and Arbitrum. Timothy Chen, Global Head of Strategy at Mantle, emphasized the importance of integrating identity, custody, and multi-asset spending into a single system.
Market Response to the UR Launch
Despite a general downturn in the crypto market, the MNT token rose 2.1% following the UR announcement, while its current price stands at $0.61, representing a 60% decline from its all-time high.
The launch of UR by Mantle represents a significant step towards merging traditional and decentralized finance, showcasing investor confidence in next-generation platforms.
