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Reflexer Labs To Launch ETH-Backed Stable Asset With $4.4 Million New Fund
Summary: Reflexer Labs, the new stable crypto asset developer, announced the completion of a $4.4 million Series A funding led by Pantera Capital and Lemniscap. The team is building the first non-pegged, stable asset RAI backed only by ETH. The RAI, which aims to become a unit of account for cryptocurrencies, follows the price of ETH ...
Reflexer Labs, the new stable crypto asset developer, announced the completion of a $4.4 million Series A funding led by Pantera Capital and Lemniscap.
The team is building the first non-pegged, stable asset RAI backed only by ETH. The RAI, which aims to become a unit of account for cryptocurrencies, follows the price of ETH but removes volatility.
Founder Stefan Ionescu told CoinDesk: "You don’t need to peg to anything in order to be stable. The most important thing to understand is that DeFi can and should be detached from the fate of the US Dollar. RAI is a first step in that direction."
RAI is scheduled to be launched between February 22 and March 8.
By Mary Liu
Tags: ETH,Fund,Lemniscap,Pantera Capital,RAI,Reflexer Labs
Link: Reflexer Labs To Launch ETH-Backed Stable Asset With $4.4 Million New Fund [Copy]
