Basis, which is developing a cryptocurrency it claims will have price stability, raised $133 million in a private placement. The company, formerly known as Basecoin, announced the news Wednesday. Among investors in the offering were billionaire hedge fund manager Stanley Druckenmiller, former Federal Reserve governor Kevin Warsh and Bain Capital Ventures. Basis is controlled by an algorithm that increases and decreases supply as a central bank would in order to prevent wild fluctuations in exchange rates. Read more here.

ThirtyK Staff
If you would like to contact the ThirtyK News Brief team, please email us at contact@thirtyk.com.