A new project for a stabilized cryptocurrency, or stablecoin, has received financial backing from investors Peter Thiel, Coinbase, Distributed Global, GSR.IO and 40 others.

The project, “Reserve,” closed a round of about $5 million in seed money for what the company calls a fully decentralized cryptocurrency that works “by locking up other cryptoassets in a smart contract in order to provide backing to the Reserve token and stabilize its price.”

Why only $5 million? The funding sought was intentionally kept “small,” with the focus of the round more on building “partnerships” rather than amassing capital, Reserve co-founder Nevin Freeman told Cointelegraph. Read more here.

ThirtyK Staff
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