Hermetica, the corporate gradual the Bitcoin-backed stablecoin USDh, has raised $1.7 million in seed funding.
The funding will make stronger the protest of USDh, a stablecoin designed to be backed by Bitcoin (BTC). A stablecoin is a form of cryptocurrency that targets to retain its payment tied to a stable asset, like the U.S. dollar, rather then fluctuating like Bitcoin.
USDh permits Bitcoin holders to transact with a digital asset pegged to the payment of the U.S. dollar with out leaving the Bitcoin ecosystem. Let’s assume, 1 USDh equals 1 USD payment of Bitcoin.
In keeping with an organization press free up, UTXO Administration led the funding spherical, which incorporated various predominant investors a lot like CMS Holdings, Ethos Fund, and Belief Machines SPV. Strategic backers like Tycho Onnasch of Zest Protocol and Robin Obermaier of Liquidium additionally contributed.
What’s USDh?
USDh is issued on Bitcoin’s predominant blockchain, Layer 1, and on Layer 2 networks, allowing sooner and more cost effective transactions. The stablecoin is available for buy on decentralized exchanges
Closing month, Hermetica launched USDh on the Stacks Layer 2 community. The circulation equipped users the functionality to invent yields of up to 25%.
Because the stablecoin market grows, USDh targets a share of the estimated $1 trillion in untapped Bitcoin payment that is at likelihood of be unlocked in DeFi. Its aim is to permit Bitcoin market participants to securely preserve dollars with out exiting the Bitcoin ecosystem or converting to fiat.
