Intangible Labs Raises Funds To Build New Stablecoin Cryptocurrency Project
Intangible Labs, a crypto startup company created by three graduates from the Princeton University, was able to raise $133 million USD from investors during April. The goal of the company is to create a “stablecoin”, which is basically a digital currency that, unlike Bitcoin and many altcoins, has a steady price.
The token will be built on the Ethereum blockchain and it will have a mechanism that will allow the control of the coin supply, which will keep the price more stable. Al-Najo, co-founder of the company, has stated that volatility has kept many investors away from the cryptocurrencies but that his new coin will make this change.
Intangible Labs Received $133+ Million In Venture Capital
The main investors in the company include Bain Capital Ventures, which is Google’s main venture capital enterprise. Other investors are Andreessen Horowitz, Lightspeed Foundation Capital and other smaller investors.
The company is currently considering if it is going to have an Initial Coin Offering (ICO) or not, as it has already plenty of investment and there is a global trend of regulators and government services looking down on ICOs at the moment.
In the United States, for example, ICOs are generally banned unless they provide means to secure that only accredited investors will be able to buy tokens from the company.