Stably, a blockchain company building a stablecoin solution in the cryptocurrency space, today announced it has completed a $1.2 million Series A round of financing. The round was led by several high net worth individuals in the Pacific Northwest, led by Paul Stahura, co-founder of Donuts Inc.
The investment brings Stably’s total funding since launching its USDS stablecoin project to $1.7 million and will help the company aggressively expand its marketing efforts as well as broaden and accelerate product development.
More on USDS
StableUSD (USDS) is a fiat-collateralized stablecoin created by Stably. Each USDS token is legally backed and redeemable for a US Dollar held in escrow accounts managed by Stably’s regulated trustees.
By making StableUSD redeemable and pegged 1-to-1 with US dollars, it virtually eliminates volatility while still retaining many useful characteristics of a cryptocurrency — including fast transaction speed, anonymity, and immutability.
The immediate use case for USDS is to help crypto-traders preserve their wealth during periods of market volatility.
Stably also recognizes that a fiat-backed stablecoin requires a high standard of public transparency for consumers and businesses to build trust. To provide a complete and up-to-date level of transparency on our reserve, Stably will provide a view of our reserve balance in real-time, via a live feed from the API of our reserve holder, Prime Trust. This level of transparency is unmatched across competitors.
The company is also working with leading third-party auditor, Cohen & Co., to provide regular attestations on its reserve balance. The most recent attestation can be found here.
More on Stably
Stably is a venture-capital backed startup that is on a mission to connect wealth from the real world to the blockchain economy and help bring stability to the volatile cryptocurrency market. The Series A financing round builds on an exceptional year for Stably which saw it aggressively compete in the ever-growing stablecoin industry. Stably appointed marketing and operations experts from Microsoft and Chase to the company’s executive ranks. It launched an online platform that makes purchasing and redeeming USDS fast and easy for users. And the company launched on two respected and high-volume exchanges in the cryptocurrency space, Bittrex and Binance.