Massive Investment: Basis Rakes in $133 Million
In a remarkable move that signifies trust in the future of stable cryptocurrencies, Basis (formerly known as Basecoin) has successfully raised a whopping $133 million in its recent funding round. Major players in the venture capital world, such as Bain Capital Ventures and Andreessen Horowitz, have jumped on board, showcasing the confidence in Basis’s vision of a non-volatile digital currency.
The Genesis of Basis
This cryptocurrency initiative was birthed in 2017 with ambitions to create a stablecoin through an innovative method involving what they call an “algorithmic central bank.” This system aims to eliminate the caprices of typical cryptocurrencies, allowing for a smoother transaction experience.
A Nod to Bitcoin’s Roots
Basis co-founder Nader Al-Naji has quite an interesting backstory. Recalling his early days of mining Bitcoin on his college campus back in 2012, Al-Naji’s passion for cryptocurrency runs deep. However, instead of following in Bitcoin’s wildly fluctuating footsteps, Basis seeks to be the antithesis, a stable digital currency that can potentially fulfill everyday transaction needs.
Who’s in the Investment Ring?
In addition to Bain Capital Ventures and Andreessen Horowitz, a plethora of other notable investors have contributed to this funding round, including:
- GV
- Stanley Druckenmiller
- Kevin Warsh
- Lightspeed
- Foundation Capital
- Wing VC
- NFX Ventures
- Valor Capital
- Zhenfund
- INBlockchain
- Ceyuan
- Sky9 Capital
The collective expertise of these investors adds significant weight to Basis’s launch plans.
The Stability Challenge
While Basis strives to develop a reliable cryptocurrency, it’s not alone in the arena. The likes of CoinoUSD, NuBits, and Tether have all made moves to provide stability through various pegging mechanisms. Earlier attempts, such as that of Saga, which aimed to raise $30 million for a fiat-pegged stablecoin, highlight an ongoing industry trend toward stable financial solutions.
Looking Ahead
Although the project’s developers have kept mum regarding an official launch date, the expectations are high. Will Basis be the one to finally crack the code of stable cryptocurrency? We’ll just have to wait and see…
