Basis (formerly known as Basecoin), a one-year-old cryptocurrency startup working on an idea of “stable coin” has just raised a $133 million in funding.
Among its investors we can see such notable backers as Bain Capital Ventures, GV, hedge fund manager Stan Druckenmiller, Federal Reserve governor Kevin Warsh, Lightspeed Venture Partners, Foundation Capital, Andreessen Horowitz, WingVC, NFX Ventures, Valor Capital, Zhenfund, Ceyuan, Sky Capital, Digital Currency Group and others.
Intangible or stable coin aims to avoid price volatility by pegging its value to a group of other digital assets. The company’s idea is to develop a coin that people will actually use, instead of speculating.
Founder Nader Al-Naji, who left Google last year to pursue the basecoin project, believes that token was created to serve as a medium of exchange.
According to Basis’s White paper company focuses on developing base bonds and base shares, or cryptocurrencies that will serve to underpin basecoin. They will help the protocol manage the supply of basecoins.
By Ksenia Batanova