US Project Basis Raises $133 Mln From Main Venture Capital Firms

The US Blockchain project Basis has recently raised $133 mln from big investors, as today’s official blog announced.

Basis announced today that they had raised $133 mln in private placement from a slew of major venture capital players, including Bain Capital Ventures and Andreessen Horowitz.

Basis was launched in 2017 as a cryptocurrency startup that aims to provide a stablecoin by means of automated operations carried out by Blockchain-based “algorithmic central bank”. Basis developers aim to make their coin antonymous to the scarce and highly-volatile Bitcoin. On their site the company claims “cryptocurrencies have been too volatile for mainstream use.”

Other investors in the project’s fundraising round include such names as GV, Stanley Druckenmiller, Kevin Warsh, Lightspeed, Foundation Capital, Wing VC, NFX Ventures, Valor Capital, Zhenfund, INBlockchain, Ceyuan, and Sky9 Capital.

The developers of the project rejected to comment on the expected date of the cryptocurrency’s launch.

Basis is not the first company that has been focused on creating a stable cryptocurrency. Such project as CoinoUSD, NuBits,and Tether have attempted to develop a stable digital currency that is pegged to the US dollar.

Cointelegraph reported in March, that a group of financiers had raised $30 mln to create a fiat-pegged stablecoin called Saga. Havven project earlier in January was reported to create the “world’s first” token sale for a decentralised stablecoin platform.

Andreesen Horowitz was among VC investors to fund Blockchain securities platform called Harbor. Yesterday it announced about raising $28 mln in its funding.

The post US Project Basis Raises $133 Mln From Main Venture Capital Firms appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/us-project-basis-raises-133-mln-main-venture-capital-firms/
via Bitcoin News
via Bitcoin News Today