US Basis Raises 133 Million Dollars from Investors to Launch Stablecoin

US Stablecoin Project Basis Raises $133 Mln from High-profile Investors

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  • US Basis Stablecoin raises $133 million in funding from major venture capital firms.
  • The firm claims its digital currency is very different from Bitcoin.

An official blog post released yesterday 18th April revealed that Basis – the Blockchain project based in US (previously called Basecoin), has recently received $133 million in funding from major venture capital firms. Basis, which claims to offer a non-volatile digital currency or stablecoin, made the announcement yesterday that it has so far raised $133 million in private placement from High-profile Investors, which include Bain Capital Ventures and Silicon Valley’s Andreessen Horowitz.

Basis was introduced in 2017 as a digital currency firm that aims at providing a cryptocurrency by means of automated operations handled by Blockchain-based “algorithmic central bank”. Although Nader Al-Naji, Basis co-founder, told Techcrunch about his early devotion towards Bitcoin – remembering how he mined bitcoin in his college days in 2012, Basis’ developers intend to make their stablecoin very different from the scarce and highly volatile Bitcoin. The firm claims on its site that “cryptocurrencies have been too volatile for mainstream use.”

Aside Bain Capital Ventures and Andreessen Horowitz, other high-profile investors in the fundraising are Lightspeed, Foundation Capital, Zhenfund, INBlockchain, Ceyuan, Wing VC, GV, Stanley Druckenmiller, Kevin Warsh, NFX Ventures, Valor Capital, and Sky9 Capital.

The firm’ developers have refused to comment on the expected date of launching the cryptocurrency. The firm is not the first to aim at creating a stablecoin. Projects such as CoinoUSD, NuBits, and Tether are all attempts to create a stable cryptocurrency that is pegged to the USD.

Andreessen Horowitz was also one of the big-name venture capital investors who funded Harbor, a Blockchain Securities Platform, who announced on the 17th April that it has raised $28 million in a fundraising round.

What do you think about Basis’ move to launch a stablecoin? Tell us in the comment box.

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