Codugh has gone from fledgling start-up to groundbreaking innovator in less than three years. The key to its success is the Australian company’s development of fungible tokens that can seamlessly be exchanged for fiat currency.
In August, Codugh launched a CUSD token that runs within the company’s platform. Once users sign up for a Codugh wallet, they can convert U.S. dollars into one of seven cryptocurrencies: BSV, BTC, ETH, XLM, LTC, AXS and USDT. With more expected soon, Codugh CEO and co-founder Shashank Singhal says.
“The beauty of CUSD now that it has been implemented is that someone can have a fiat experience when using a cryptocurrency. That means you no longer have to be dealing with the fluctuations of the crypto market,” says Singhal, who launched Codugh in 2019 and won a CoinGeek Hackathon that year. “No one else in the world can do this.”
With CUSD, the base unit is $0.0001 USD, which facilitates microtransactions that will open new opportunities to reach consumers in developing economies and also for content creators to earn revenue in increments. Codugh (pronounced “co-dah”, a slang pronunciation for computer “coder”) is an API marketplace where software developers can exchange rights to use their coded scripts in return for digital currency. When developers license their APIs they can request payments, for the equivalent of as little as a fraction of a cent.
Codugh has its own digital wallet solution and customers who open an account can transfer their cryptocurrency from another existing wallet, such as Coinbase, to fund their Codugh activities. With its ability to integrate cryptocurrency into a user’s existing life, Codugh is positioned to be at the forefront of the digital cash economy that is rapidly changing how people bank and do business.
The innovation that makes CUSD possible is STAS. Codugh has utilized STAS to develop its token and build a seamless fiat-to-cryptocurrency exchange that is unique in the world.
“STAS is completely permissionless and that’s really important in this space. If you compare CUSD to USDC, you notice that USDC has been freezing a lot of coins if its monitors feel there has been suspicious activity. But with STAS you can’t do that. It runs natively on the BSV blockchain. The only way to freeze a transaction is if a group of miners decide to not mine that transaction. Running natively on BSV is the biggest advantage of STAS, because there are no extra steps that you get in Layer-1 or Layer-2, or any shenanigans that you have to put up with. And that’s the power of the decentralized ecosystem and the original vision of the blockchain,”
Singhal points out.
“All the miners will collaborate and if you’re not doing anything illegal then your activity isn’t stalled.”
The next steps for Codugh are to roll CUSD out into many more jurisdictions, which Singhal expects to happen within six months.
“Tech-wise, we’re 100 percent there,”
“We’re just waiting on some regulatory decisions but by the end of 2023, we believe we will have maximum coverage for our product.”