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Agora Launches New Stablecoin with $12 Million Seed Funding
Agora, co-founded by Jan Van Eck’s son Nick Van Eck, has successfully raised $12 million in a seed funding round led by Dragonfly to launch a new stablecoin.
Key Details of the Funding Round
- Co-founders of Agora include Nick Van Eck, Drake Evans, and Joe McGrady.
- Leading the funding round was crypto venture firm Dragonfly, with contributions from General Catalyst and Robot Ventures.
Agora’s Stablecoin Initiative
Agora plans to back its stablecoin with a mix of cash, U.S. Treasury bills, and overnight repurchase agreements to ensure stability and liquidity.
International Focus
Agora’s parent company is registered in Delaware, while stablecoin operations are based in the British Virgin Islands, catering exclusively to non-U.S. users.
Reserve Fund Oversight
Kyle DaCruz, Director of Digital Assets Product at VanEck, will oversee a reserve fund for Agora to ensure transparency and trustworthiness in managing digital assets.
Targeting Institutional Partners
Agora aims to engage institutional clients globally, focusing on markets like Argentina and Southeast Asia. The company plans to establish revenue-sharing agreements with partners instead of direct distribution to individual holders.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
