Stably Raises $1 Million to Focus on Expansion of Stablecoin Services

Stably, a cryptocurrency startup that features “asset-backed stablecoins on the blockchain,” just brought in another $1 million to grow its company, according to GeekWire. The funding round was led by Pay It Forward, a VC firm.

The startup has built its own stablecoin it calls Stably USD (USDS), and mints new assets whenever someone purchases one with fiat.

Most notable, however, is that Stably is raising money during this pandemic – all at a time where many companies are shutting down or shedding workers. Speaking on the matter to the publication is Kory Hoang, the CEO of Stably, who says:

“We are now busy building stablecoins and asset-backed tokens for a handful of enterprise clients, with launches scheduled for the second half of 2020.”

Recently, as InsideBitcoins has previously reported on, institutional investor-focused platform FalconX brought in around $17 million thanks to Accel, Avon Ventures, Flybridge Capital, and many more. The goal with that project is to scale to manage the increase in institutional demand within the cryptocurrency space.

“FalconX allows us to operate a more productive trading desk by solving for some of the major inefficiencies in the crypto markets. I have been extremely impressed with FalconX’s relentless focus on delivering value-added solutions and superior customer service,” said the head of Trading and Business Development at CMT Digital, a client of the firm.