The March banking crisis has made it challenging for crypto companies to access traditional banks, making it difficult to find a place to park excess cash. Start-up PV01, co-founded by Max Boonen, who also helped launch crypto market maker B2C2, aims to bring cash-like instruments to the cryptocurrency space by tokenizing on-chain versions of one-month US Treasury bills. These bills are considered among the safest assets in the world and are equivalent to plain vanilla fiat cash, making them an attractive option for crypto companies struggling to move money between the crypto and traditional financial systems. PV01's product is in high demand, and the start-up aims to digitize the conventional bond market in the future. Their target market includes crypto firms and individuals with significant crypto wealth who are unable or unwilling to bring it back into the traditional financial system.
(By Brandy Betz, Nick Baker)
