In brief
- Colossus is attempting to bypass Visa and Mastercard by building its own sovereign credit card rail using an Ethereum layer-2 network.
- The company is leveraging its interpretation of the GENIUS Act to operate without the traditional KYC or AML requirements.
- The startup’s launch follows the total collapse of UnCash, which was shut down by a “corporate guillotine.”
Joseph Delong’s desk looks less like a developer’s workstation these days and more like an electronics repair shop, littered with technology that crypto was pioneered to replace.
That’s because the veteran Ethereum developer and former SushiSwap CTO has accumulated what he describes as a “box of goodies” while building a stablecoin credit card network…
