The launch comes as Zerohash seeks to expand its regulatory standing. In July, the Office of the Comptroller of the Currency returned the firm’s application for a national trust bank charter, a step the agency takes when it considers a filing materially deficient. The firm called the return an administrative process and refiled a narrower application on Aug. 18. The application is still pending.
The goal of this new product is to reduce the steps required to move funds, the firm said.
To make a transaction, users pick an account or wallet inside an app that offers AUTH, sign in and approve the move. The service handles routing and settlement, while each app sets which assets, accounts and transfer types it allows.
Alex LaPrade, CEO of a popular non-custodial Ethereum and multi-chain crypto wallet, said that transfers to wallets have previously involved repeated address checks and test payments, which were “one of the biggest points of friction” that AUTH is aiming to simplify.
Zerohash, founded in 2017, has a global regulatory footprint across the EU, Latin America, Bermuda, and the U.S., and operates regulated entities in 51 U.S. jurisdictions, according to its website. The Chicago-based company was in acquisition talks with Mastercard, which fell through earlier this year. At the time, Zerohash was reportedly in talks to raise $250 million at a $1.5 billion valuation.
