Even as stablecoins gain popularity, Aaron Marks and Joseph Hayes believe the technology is still primarily used by crypto natives and people in emerging markets. Now, the two former credit card execs have founded a startup called Rhythmic to bring stablecoins to the broader market. Rhythmic’s strategy revolves around partnering with consumer-facing companies to provide cash back, rewards programs, and other financial products for the brands’ customers.
Rhythmic announced on Thursday that it raised a $4 million seed round led by Dragonfly, with support from Mirana Ventures, The Fintech Fund, and other backers. Marks, the CEO of the company, did not disclose the company’s valuation in an interview with Fortune.
“We are giving everyday users the power of stablecoins through brands that they already know and trust,” said Hayes, the company’s CPTO. “We’re embedding stablecoin financial services into existing user brands that everyone uses today.”
Rhythmic aspires to partner with brands to create a financial product that includes balances, payments, and rewards for those companies’ customers. Its vision is for a wide range of firms to emulate the well-known Starbucks loyalty program or Walmart’s OnePay credit card, but with low-cost implementation.
