Stably, a Seattle-based cryptocurrency startup has announced the raising of another $1 million to accelerate the growth of its asset-backed stablecoins. Stablecoins are a type of cryptocurrency that are pegged to a fiat currency (a legal tender whose value is backed by the issuer government) for example, the U.S. dollar. These allow the prices to continue being more stable as compared to the other options.
Stably USD (USDS) the very own stablecoin of Stably has been developed by them. When Stably is given $1 by a user to buy its cryptocurrency, Stably mints one of its digital tokens, and when a user gives them back that 1 digital token or the USDS, Stably returns them their $1 from its cash reserve and removes that 1 USDS from circulation.
It’s a more stable alternative to other cryptocurrencies that are more volatile, such as bitcoin. Bitcoin lost about 50% of its value due to the emergence and spread of the Novel Coronavirus all over the world but now has managed to recover during the past month-and-a-half.Payments
The idea behind stablecoins is to deliver all the benefits of cryptocurrency like speed, the confidentiality of the identity, and many others along with the added benefit of less fluctuation in value.
USDS, the digital token of Stably ranks 7th in the largest USD backed stablecoins’ and is also featured on Binance, Bittrex, and Binance DEX, the cryptocurrency exchanges.
Economic strain caused by COVID-19 outbreak has thousands of startups cutting down their workforce to help curb the expense, whereas Kory Hoang, the CEO of Stably stated that the company is looking at growing the client pipeline and to support that, it might double the size of the team of its developers.
This funding round was led by Pay It Forward, the VC firm, and had the participation of several investors from across the world.
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Chandrima Samanta, Content-Editor, FintecBuzz
Chandrima is a Content management executive with a flair for creating high quality content irrespective of genre. She believes in crafting stories irrespective of genre and bringing them to a creative form. Prior to working for Hrtech Cube she was a Business Analyst with Capgemini.
