Saga Monetary Technologies has just announced it plans to launch its Saga token (SGA) on December 10, according to a press release shared with iHodl.
The SGA token is based on the ERC-20 standard and aims to provide a solution to major concerns related to volatility, governance and regulatory compliance.
Saga was founded by a group of economists and finance experts, including Myron Scholes, Nobel Laureate in Economics, and Jacob Frenkel, President of JPMorgan Chase International.
The firm is backed by Lightspeed Venture Partners, Mangrove Capital Partners, Vertex Ventures as well as many other companies that took part in its initial funding round in 2018 in which the company attracted $30M.
To reduce volatility, the SGA token will be fully backed by a basket of national currencies after its launch, however, the reserve ratio will be decreased over time as market confidence increases and prices become more stable.
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