The Developer of Stable Cryptocurrency Basecoin Attracted $125 Million

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According to the Form D document filed with the US Securities and Exchange Commission (SEC), as a result of the sale of the Basecoin project tokens, which implements the idea of ​​a “stable coin”, Intangible Labs managed to raise $125 million. The placement of the tokens was carried out through a SAFT agreement (a simple agreement for future tokens) from March 22 to April 3 and 225 investors took part in the campaign. This was reported by Coindesk with the reference to the Form D document.

The main feature of the Basecoin token is the linking of the exchange rate to the price of a group of other digital assets, which is meant to limit the volatility of the cyptocurrency. According to the founder of Intangible Labs, Nader Al-Naji, who left Google for Basecoin last year, the token was created in order to serve as a means of payment.

The principle of Basecoin is that several “oracles” that provide links to proven external data sources will monitor the prices of these assets, and the network protocol will delete or add tokens if necessary, so that the price of Basecoin remains stable.

The startup also develops so-called “basic bonds” and “basic shares” – these are the cryptocurrencies that will underpin Basecoin. Together they will help the protocol manage a common stock of coins. “Basic bonds” can be converted into “basic tokens” if necessary, while “basic shares” are needed to ensure that new tokens are distributed among shareholders.

Several notable investors are already participating in the project, including Andreessen Horowitz, Bain Capital Ventures, Digital Currency Group, Pantera Capital, Polychain Capital and MetaStable Capital.

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