Payment and FX exchange platform, Stablehouse, has announced Seed funding of $2.18 million, attracting investment from the likes of Dragonfly Capital and Liberty City Ventures
Other notable participants in the Seed funding round include Lukka, a New York based financial services firm and Phil Potter, the inventor of Tether.
Kevin Hu, Partner at Dragonfly Capital, said: “Our investment in Stablehouse aligns with our mission to support entrepreneurs tackling the most important problems in crypto.
“Stablehouse helps stablecoin markets overcome their persistent issues of inconsistent liquidity and lack of stability.
“Stablecoins will be the backbone of the digital economy, and we believe Stablehouse is poised to become the capital markets, payment, and settlement nexus for all centralised and decentralised stablecoins.”
Delighted to receive the Most Innovative Trailblazer Award in the Bermuda TechAwards 2020 for outstanding achievement in information technology. Thanks @TheRoyalGazette. For full details on the award, read here: https://t.co/YHyBLNwmsI #Bermuda #Innovation
— Stablehouse (@stablehouse_io) October 28, 2020
Bermuda-based Stablehouse provides speed and transparency for those who utilise the global stablecoin market.
This investment announcement follows recent news of Stablehouse commencing a test pilot program for a digital stimulus token in collaboration with the Government of Bermuda. The pilot is supported by the digital token created by Stablehouse and has begun with a select group of consumers and merchants on the island.
Philippe Bekhazi, CEO of Stablehouse, added: “Although Stablecoins are still in their early years, they are rapidly gaining prominence, especially as a reliable store of value and secure payment option.
“We are thrilled to have such a high calibre of investors on board and are honoured to have this level of support. We are fortunate to have backing from some of the most renowned and successful leaders in the space and are delighted to have access to their knowledge, expertise, and guidance as we progress the stablecoin market.
“This is only the beginning of a bright future for Stablehouse as we commence our Series A in Q1 2021.”
For more news, guides and cryptocurrency analysis, click here.