Bitcoin-backed stablecoin developer Hermetica raises $1.7 million in seed funding
Quick Take UTXO Management led the round, with additional support from CMS Holdings, Ethos Fund and others. Hermetica develops the yield-bearing synthetic dollar USDh, which is issued on the Bitcoin network.
The Bitcoin-backed stablecoin developer Hermetica raised $1.7 million in seed funding.
UTXO Management led the round, which had further support from CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine and numerous angel investors, according to a release shared with The Block.
Hermetica develops the yield-bearing synthetic dollar USDh, which is issued on the Bitcoin network. The firm intends to use the funding to bolster the USDh ecosystem such as through custodial partnerships and enhanced liquidity.
"The seed funding will allow us to further our mission of making a dollar asset and dollar savings instrument available to users in emerging markets," Hermetica Founder and CEO Jakob Schillinger told The Block. "We plan on using the funds to expand to additional Bitcoin L2s such as Arch Network and Bitlayer in the coming months."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Fed Chair’s Dovish Tone Signals Rate Cuts May Resume in September; Slower Capital Inflows and Sector Rotation Lead to BTC Correction (08.18~08.24)
After the dovish remarks from the Federal Reserve Chairman, non-farm payrolls and August inflation data have become the main trading focuses for the market going forward.
US employment data supports restarting interest rate cuts in September, new SEC regulations cool down treasury companies, BTC weekly increase of 2.66% (09.01~09.07)
The new SEC regulations will slow down the pace and scale of acquisitions by treasury companies, which the market views as a significant bearish factor.
Gachapon on the blockchain is already a hundred-million dollar market
From Labubus to Pokémon
The "perfect macro narrative" is forming—will the crypto market usher in the start of a new quarterly trend?
If rate cuts are completed and a dovish stance is expressed, it may drive the market to break through resistance. If an unexpectedly hawkish stance occurs (a low probability event), it could trigger a pullback.
Trending news
MoreFed Chair’s Dovish Tone Signals Rate Cuts May Resume in September; Slower Capital Inflows and Sector Rotation Lead to BTC Correction (08.18~08.24)
US employment data supports restarting interest rate cuts in September, new SEC regulations cool down treasury companies, BTC weekly increase of 2.66% (09.01~09.07)
Crypto prices
More
