US Blockchain Project, Basis, Provides Non Volatile Cryptocurrency

US Blockchain Project, Basis, Provides Non Volatile Cryptocurrency

A blockchain project based out of the US, which goes by the name of Basis, claims to provide a stable, non-volatile cryptocurrency. It’s recently raised $133 million from big-name investors like Bain Capital Ventures and Andreessen Horowitz, according to Medium published on April 18.

Basis developers seek to provide a stable coin amongst the highly volatile cryptocurrency market. The cofounder Nader Al-Naji states that “cryptocurrency has been entirely too volatile for mainstream use”.

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Other investors associated with this project are GV, Stanley Druckenmiller, Kevin Warsh, Lightspeed, Foundation Capital, Wing VC, NFX Ventures, Valor Capital, Zhenfund, INBlockchain, Ceyuan, and Sky9 Capital.

Basis developers have declined to comment on the expected launch of their cryptocurrency.  Other cryptocurrencies that have been focused on creating stable cryptocurrency are projects like Tether, NuBits, and CoinoUSD. These digital currencies have been pegged against the US dollar.

UPDATE: Reports are out that Google’s parent company Alphabet is now backing Basis. 

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