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Hermetica Completes $1.7M Seed Round to Boost Bitcoin DeFi with USDh
The post Hermetica Completes $1.7M Seed Round to Boost Bitcoin DeFi with USDh appeared on BitcoinEthereumNews.com. Hermetica, the company behind USDh, the first yield-bearing synthetic dollar backed by Bitcoin, is excited to announce that its $1.7 million seed funding round has closed successfully. Key Backers In addition to strategic angels like Tycho Onnasch (founder and CEO of Zest Protocol), Robin Obermaier (founder and CEO of Liquidium), Mithil Thakore (founder and CEO of Velar), Matt Maduno (founder and CEO of Arch Network), and GM Chung (founder and CEO of DeSpread), UTXO Management led the round with support from notable investors CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, and Silvermine. Supporting the USDh’s Growth The USDh will expand more quickly thanks to the capital. USDh may be bought on decentralized exchanges and is natively issued on Bitcoin Layer 1 via Runes and Layer 2 via the Stacks network. USDh is well positioned for quick expansion, since the global stablecoin market has grown by more than 100% year over year to reach over $160 billion, which represents 50% of all on-chain transactions. Only 1% of Bitcoin’s $1.3 trillion market value is locked in DeFi, meaning USDh has an unexplored $1 trillion market to explore. In order to allow Bitcoin market players to safely store dollars without leaving the Bitcoin ecosystem or turning to fiat, Hermetica seeks to let Bitcoin users to hold and trade with a stable, liquid dollar asset redeemable for Bitcoin (1 USDh = 1 USD worth of Bitcoin). Smart contracts and decentralized apps may utilize Bitcoin as a safe foundation layer thanks to Stacks, a Bitcoin L2. Faster speeds and transactions supported by 100% Bitcoin finality are anticipated with the 2024 Nakamoto and sBTC releases. Hermetica Labs CEO Jakob Schillinger said: “We believe stablecoins are a foundational building block for a decentralized financial system. USDh is the ideal Bitcoin-backed stablecoin—capital efficient, independent of the fiat system,…
The post Hermetica Completes $1.7M Seed Round to Boost Bitcoin DeFi with USDh appeared on BitcoinEthereumNews.com.
Hermetica, the company behind USDh, the first yield-bearing synthetic dollar backed by Bitcoin, is excited to announce that its $1.7 million seed funding round has closed successfully. Key Backers In addition to strategic angels like Tycho Onnasch (founder and CEO of Zest Protocol), Robin Obermaier (founder and CEO of Liquidium), Mithil Thakore (founder and CEO of Velar), Matt Maduno (founder and CEO of Arch Network), and GM Chung (founder and CEO of DeSpread), UTXO Management led the round with support from notable investors CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, and Silvermine. Supporting the USDh’s Growth The USDh will expand more quickly thanks to the capital. USDh may be bought on decentralized exchanges and is natively issued on Bitcoin Layer 1 via Runes and Layer 2 via the Stacks network. USDh is well positioned for quick expansion, since the global stablecoin market has grown by more than 100% year over year to reach over $160 billion, which represents 50% of all on-chain transactions. Only 1% of Bitcoin’s $1.3 trillion market value is locked in DeFi, meaning USDh has an unexplored $1 trillion market to explore. In order to allow Bitcoin market players to safely store dollars without leaving the Bitcoin ecosystem or turning to fiat, Hermetica seeks to let Bitcoin users to hold and trade with a stable, liquid dollar asset redeemable for Bitcoin (1 USDh = 1 USD worth of Bitcoin). Smart contracts and decentralized apps may utilize Bitcoin as a safe foundation layer thanks to Stacks, a Bitcoin L2. Faster speeds and transactions supported by 100% Bitcoin finality are anticipated with the 2024 Nakamoto and sBTC releases. Hermetica Labs CEO Jakob Schillinger said: “We believe stablecoins are a foundational building block for a decentralized financial system. USDh is the ideal Bitcoin-backed stablecoin—capital efficient, independent of the fiat system,…
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