Portuguese Startup Athena Garners $6 Million Funding from DragonFly, Huobi for Stablecoin Development

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Several business firms have taken millions from Athena, Portugal’s startup hub. A total of $6 million (roughly Rs. 55 crore) has been poured in by a number of investment firms in Athena, which plans to launch a stablecoin powered by the Ethereum blockchain in the coming months. Dragonfly led the seed investment, as well as the participation of other companies such as BitMEX founder Arthur Hayes, Maelstrom, Gemini, and Huobi among others.

Stablecoins and crypto currency, which is followed by stored assets such as gold or fiat currency. Unlike conventional cryptocurrencies, stablecoins are less affected by market volatility.

Athena plans to launch a well-established stablecoin called USDe that will have the ability to support financial stability and on-chain storage.

The upcoming stablecoin will be pegged against the US dollar and will use user-provided collateral to reduce price exposure and bet against Ethereum using a continuous exchange. report and CoinDesk said on Tuesday, July 18.

“USDe is the first established, stable, and stable product that is based on Ethereum’s financial services and futures markets. Athena allocates collateral to various safe, flexible, and transparent MPC storage contracts. Athena’s currency markets will also enable the creation of USDe against liquid tokens to allow users to have long-term exposure to Ethereum while generating USD liquidity,” more information is available on Athena. official website he said.

A major investment in Athena from several venture capitalists including Deribit, Bybitand OKX among others, seem to testify to the buzz around stablecoins that has gathered heat in recent days.

In April this year, UK popular stablecoins as a payment method. Stablecoins, such as Tether and Binance USD, are stable crypto assets to store assets like gold or fiat currency.

Earlier this week, DeFi protocol Spirit launched its US dollar-backed stablecoin called GHO on the Ethereum blockchain. Stablecoin is backed by a ‘mass’ of digital assets including ETH and Aave’s cryptocurrency, Aave.

Monitoring the growth is a safe way to stablecoins, the The Financial Stability Board (FSB) has announced that it is finalizing its digital asset management plan, which will focus on stablecoins.

The world’s leading financial think tank has decided to oversee and oversee the creation of global stablecoins (GSCs), with the aim of promoting innovation.


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