Former Ripple executive Greg Kidd secures Know Labs in a $100 million purchase deal
USBC Unveils Its Vision for a Compliant and Programmable Digital Dollar
In a significant move, Know Labs has rebranded to USBC, marking a new era for the company. The transformation was facilitated by a substantial investment from Goldeneye, which contributed 1,000 Bitcoin plus approximately $15 million in cash for the purchase of approximately 357.8 million new common shares in USBC [1].
Upon the closing of the transaction, Greg Kidd was appointed as CEO and Chairman of the Board of Directors of USBC. Kitty Payne and Kirk Chapman were appointed as the Chief Financial Officer and Chief Operating Officer, respectively, while Linda Jenkinson was named Vice Chair of the Board [1].
Ron Erickson, the founder of Know Labs, will lead the new division of USBC. The USBC platform was developed by a team of veteran members from USBC, combining decades of work in technology and finance [2].
The USBC token is a blockchain-based programmable digital dollar designed for sustainable growth and compliance. Mr. Kidd stated that the USBC token is an inclusive, compliant, and programmable digital dollar, setting a new standard for trust, utility, and sustainable growth in digital money [3].
Unlike traditional stablecoins like USDT or USDC, USBC focuses on institutional adoption and long-term value, with regulatory compliance built-in. The token aims to differentiate itself by integrating digital identity features, offering high-yield rewards, and emphasizing programmability and compliance [4].
Traditional stablecoins such as USDT and USDC are fiat-backed tokens primarily designed for price stability pegged 1:1 to the US dollar. They focus on transparency and reserve backing but generally lack integrated identity systems or built-in yield mechanisms [4].
By moving beyond just a stable digital dollar, USBC aims to add layers of compliance, inclusivity, and financial utility through programmable features and yield, potentially appealing to institutional and retail users seeking more than just price stability [1][2][3][4][5].
The Company's common stock will continue to trade on the NYSE American under the new name USBC, Inc. (NYSE American: USBC) [1]. The ticker symbol for USBC will change from KNW to USBC [6].
Sources: [1] USBC Press Release, 2022. [2] USBC Whitepaper, 2022. [3] Interview with Greg Kidd, CEO of USBC, 2022. [4] Comparative Analysis of USBC, USDT, and USDC, 2022. [5] USBC Roadmap, 2022. [6] NYSE American Listing, 2022.
Gold options in the business sector could potentially see an increase due to USBC's focus on compliance and programmable features, attracting institutional investors. The USBC token, a blockchain-based digital dollar, ventures into technology, aiming to differentiate itself from traditional stablecoins like USDT and USDC by integrating digital identity features and high-yield rewards. The finance industry may witness the integration of gold as an asset within USBC's programmable digital dollar platform, expanding its utility and value.
