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Stablecoin project Fei Labs gets USD 19 mln funding

Tuesday 9 March 2021 11:49 CET | News

Fei Labs, a project said-to-be building a more capital-efficient decentralised stablecoin, has raised USD 19 million in funding. 

The funding comes from Andreessen Horowitz (a16z), Framework Ventures, Coinbase Ventures and others. ParaFi Capital and Variant Fund also participated in the round.

Fei’s launch is set for 22 March 2021, when users will be able to post ETH to get FEI tokens. Early participants in the sale and in the protocol’s liquidity pools on DeFi exchange Uniswap will be incentivized with TRIBE, the project’s governance token.

Like other assets, FEI is a reserve-backed stablecoin. Unlike others, however, FEI would work through a direct incentive method. FEI works on a straightforward transactional basis. Users can buy FEI from the protocol, and the protocol takes those assets in reserve. In other words, users don’t stake ETH, Ethereum’s native currency, but they buy FEI. The asset traded belongs to the Fei protocol after the trade.

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Keywords: funding, token, DeFi, stablecoin, digital assets
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies