LumiShare, a blockchain-based digital asset management ecosystem, has netted $3.2m from the Abu Dhabi royal family.
Designed to offer consumers a reliable inflation hedge and unprecedented financial security, LumiShare $SRG token is not a stablecoin as it is backed by three uncorrelated assets: gold, a cash recovery fund, and technology.
LumiShare keeps a physical gold reserve in Abu-Dhabi equivalent to a percentage of the all-time high market cap. Meanwhile, a cash reserve is built from the margins between the gold market price and the gold price Lishare pays, which will be used automatically for aggressive marketing.
The company also offers an auto burn mechanism, assets-backed NFT marketplace, staking mechanism, and payment gateway act as the third insurance mechanism.
A study by the Bank of International Settlements previously found that 73% to 81% likely lost money on their investments in cryptocurrencies. For retail traders, investing in crypto has become difficult as they are forced to trade on news, lacking any inside information.
The money raised will be used to buy gold reserves that will be stored in a safe room at a bank in Abu-Dhabi and broadcast live 24/7.
LumiShare CEO and co-founder Ben Sharon said, ?The FTX crash showed us that failing projects and a lack of transparency and honesty in the crypto ecosystem really broke the trust investors had in even the most successful companies. We must go back to crypto original goal, to create a transparent economy, while offering investors the security they need.p>
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