Announcement
Threshold Network
William Grant
Jan 7, 2025
Threshold Network onboards to Fern in 1 day in response to a rapid need for a stablecoin based ACH transfer.
Threshold Network launched in January 2022 as a trailblazer in the cryptography network space, the first-ever merge of two existing communities and networks, Keep and Nucypher. Their mission is to increase user sovereignty by distributing sensitive operations across multiple entities, requiring a “threshold” or minimum number of those entities to cooperate for the operation to be successful. Threshold Network has scaled rapidly, issued a native stablecoin (thUSD), and attracted a number of stakers in their first year.
Threshold Foundation, the DAO that helps govern the network, is committed to responsible business practices as the network scales. For the vast majority of its activities, the DAO has been able to transact onchain with crypto only. However, it has certain vendors who are not able to accept even stablecoins.
This creates unique challenges for a team that manages their financial operations fully onchain. John Packel, an elected member of Threshold’s Treasury Guild Committee, needed to use stablecoins in the committee’s self-custody multisig to send an ACH transfer to a key vendor ASAP.
After hearing about Fern from other builders in the space, John contacted the team. Threshold Network was able to onboard onto Fern’s platform in less than a day, completing KYB and sending their first fiat transaction in the same week they onboarded onto the platform.
“After speaking with a number of banks and other providers, I was staring down the barrel of a tight payment deadline with few options. The Fern platform’s speed and the team’s support to onboard and send transactions allowed me to meet the deadline, and to prevent the delay of critical services. The easy-to-use platform includes powerful access to many financial rails and primitives, making it a must use for any crypto-native team.”