Intangible labs Raises $125 Million for Basecoin.
$125 million is no mean feat in 2018 considering that ICOs are jostling to get noticed by investors. One company, Intangible Labs have filed that they have raised as much funds in a funding round according to submissions made to the Securities and Exchange Commission.
The company plans to build a stable coin named Basecoin which is going to be an adjustable-supply token unlike fixed supply coins such as Bitcoin, Ethereum and Litecoin. This means that Basecoin will not be subject to fluctuations associated with coin volatility.
Speaking during a presentation in December 2017 at the Token Summit, the Basecoin CEO and co-founder, Al-Naji said that the uniqueness of Basecoin that makes it distinct from popular cryptocurrencies such as BTC is its invariable exchange rate. He emphasized that holders of the coin wouldn’t need worry of price variations, saying that “If you have a Basecoin, it’ll be worth a dollar today, it’ll be worth a dollar tomorrow and it’ll always be worth a dollar”
According to the document presented to SEC, the funding round generated $125 million through a Simple Agreement for Future Token (SAFT) that has 225 entities as investors. Information in public domain says that the project was supported by corporate investors such as venture capitalists, Digital currency Group, pantera Capital, Bain Capital Ventures and Andreessen Horowitz.
The Intangible Labs project is co-founded by Josh Chen and Al-Naji who is the CEO. They are of the opinion that Basecoin is the alternative to fiat than the volatile digital currencies. According to the team, the coin would act like the Federal Reserve of the crypto market due to its stability while exhibiting the normal attributes that make cryptocurrencies attractive to enthusiasts.
The project which is expected to go live within a couple of years features a built-in algorithm that self corrects with the coin supply, adjusting to keep the rate of exchange constant.