Seattle startup Stable has raised another $ 1 million to drive the growth of its asset-backed stablecoins, a form of cryptocurrency that is pegged to a fiat currency like the U.S. dollar and allows prices to be compared to other options stay more stable.
Stably has developed its own stablecoin called Stably USD (USDS). When a user stably spends $ 1 to buy their cryptocurrency, they mint one of their digital tokens. If someone returns this $ 1 stably, he takes the coin out of circulation and returns $ 1 from his cash reserve.
It's an alternative to more volatile cryptocurrencies like Bitcoin, which have lost about half their value with the spread of the COVID-19 outbreak around the world, but have recovered in the past month and a half.
The idea is to take advantage of cryptocurrency – fast transaction speed; Anonymity; etc. – with less fluctuations in value.
USDS is the seventh largest USD-backed stablecoin and is offered on the cryptocurrency exchanges Binance, Binance DEX and Bittrex.
Stably also offers Stably Prime, which allows users to buy or redeem stablecoins with unlimited accounts, and Stably Enterprise, a turnkey product that enables companies to create their own stablecoins.
While thousands of other startups are reducing their workforce to cut expenses while earnings run dry in the midst of the pandemic, Stably is CEO Kory Hoang The company is expanding its pipeline for corporate customers and plans to double the size of its development team.
"We are now busy building stable coins and asset-backed tokens for a handful of corporate customers. The launch is slated for the second half of 2020," said Hoang, who started his financial career with positions at Bank of America and Merryl Lynch started.
Stable plans to expand its product offering and mark new asset classes such as precious metals, crude oil and other fiat currencies.
Venture capital firm Pay It Forward led the round in which investors from around the world participated. Stable had previously raised a $ 1.2 million round in February 2019, led by Paul Stahura, co-founder of domain registrar companies such as Donuts and eNom.
Stably is based in Seattle, but much of its 16-strong team is located in Vietnam and India.
