Stablecoin Secures Backing from Paypal Co-Founder and Coinbase Among 40 Others

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Stablecoin, a new stabilized cryptocurrency project that functions like normal money, has received  new support and investments from Peter Thiel, Coinbase, Distributed Global, and 40 others according to the press release on June 20.

The development stage of the coin is dubbed “Reserve” and closed a collective of $5 million to develop a fully decentralized cryptocurrency which works by securing other crypto assets in a smart contract. Cryptocurrencies will then provide backing via the reserve token in order to stabilize its price.

According to the cofounder of the Reserve, Nevin Freeman, the initial funding was intentionally kept small as the focus was more on partnership building rather than amassing capital.

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Reserve token offers a solution to countries that have value decreasing fiat currencies and high inflation rates jeopardize citizens savings and security.

While cryptocurrency is currently decentralized and protects its citizens from government control, the price volatility of most crypto limits it from serving most retail uses.

Freeman states…

“Simply put, nobody wants to spend money on it token that may be worth less one month and then another value another month. Nobody wants to store their savings on a token that will be worth nothing in a year.”

In related news, Circle is focused on creating a fiat stabilized coin which recently closed $110 million in fund raising. The company also partnered with the mining hardware manufacturer Bitmain with regard to the development of the stablecoin.

Tether, the most popular and infamous of all stablecoins, confirmed today that there Tether tokens (USDT) are proven to be back by the USD according to a major US law firm.

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