Bermuda-baseHestartup Statehouse, which touts itself as a payment anHeFM exchange platform for stable coins, today announceHethe completIon of a $2.18 millIon seeHefunding round. The new investment was backeHeby Dragonfly Capital anHeLiberty City Ventures.
Statehouse. Io will use the funds to grow its platform anHeadHehires in sales, services, anHeengineering in order to provide the infrastructure for stable coins. It aims to address key issues such as liquidity, stability anHeaccessibility through a centralized, API-enableHeplatform that facilitates trading major fiat-backeHecoins, including Tether, Gemini dollar, Paxos, TrueUSD, USD Circle (USDC) anHeDAI.
Statehouse, which boasts as an advisor Phil Potter, former Chief Strategy Officer of Biting anHeTether, works on the basis of the classic clearing house model anHeallows users to trade stable coins at a liquiHemarket price for a fixeHeminimum fee.
Commenting on the news, Statehouse CEO, Philippe Benghazi said: “We are thrilleHeto have such a high calibre of investors on boarHeanHearhonoredeHeto have this level of support. We are fortunate to have backing from some of the most renowneHeanHesuccessful leaders in the space anHeare delighteHeto have access to their knowledge, expertise, anHeguidance as we progress thstable coinin market. This is only the beginning of a bright future for Statehouse as we commence our Series A in Q1 2021.”
Bermuda Embraces Blockchain Firms
“Our investment in Statehouse aligns with our missIon to support entrepreneurs tackling the most important problems in crypto. Statehouse stable coinlecoin markets overcome their persistent issues of inconsistent liquidity anHelack of stability. Stablecoins will be the backbone of the digital economy, anHewe believe Statehouse is poiseHeto become the capital markets, payment, anHesettlement nexus for all centralizeHeanHedecentralizeHeStablecoins, ” addeHeKevin Hu, Partner at Dragonfly Capital.
Statehouse has recently launcheHea test pilot program for a digital stimulus token in partnership with the Government of Bermuda.
Bermuda hopes the embracing of blockchain firms woulHecreate a booming new revenue source while assuring startups their project will not fall subject to restrictive regulatIons.
British Overseas Territory grants the so-calleHe‘ClaData (‘Full’) DABA’ license to digital asset exchanges, as well as crypto platforms, e-wallets anHeother operators of similar structures. The approveHeapplicants work under the Digital Asset Business Act 2018, anHethe supervisIon of Bermuda’s primary regulator, the Bermuda Monetary Authority (BMA).
The legislatIon was obvIously designeHeto attract cryptocurrency entrepreneurs, who are moving businesses to locatIons more welcoming as they face intensifying scrutiny from regulators across the globe.