US-based Stably, a developer of asset-backed stablecoins, has allegedly scored $1.2m in its Series A investment.
Other contributions to the round came from 500 Startups, Beenext and unnamed angel investors, according to a report from GeekWire.
With the close of the round, Stably hopes to boost the size of its team, which currently has nine people, the article stated.
The startup has built the StableUSD, a fiat-collateralised stablecoin, which are legally backed and redeemeable for one US dollar.
Stably also offers a secured borderless account for global finance transactions, empowering users to instantly buy or redeem stablecoins. Finally, the company also lets a client launch their own brand of compliant stablecoins.
Earlier in the month, fellow US-based cryptocurrency startup Coinme closed its own investment round. The startup operates a network of cryptocurrency ATM kiosks and is looking to use the fresh funds to support its move into the Latin America market.
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