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Fei Labs, A Disruptor Of Stablecoin Market, Raised $19 Million From Framework Ventures And Coinbase Ventures
Summary: Fei Labs, a decentralized stablecoin protocol, announced on Monday that it has completed $19 million in new funding, the round saw supports from Framework Ventures, Coinbase Ventures, AngelList founder Naval Ravikant, ParaFi Capital, and Variant Fund. Fei protocol builds a new way to anchor with the dollar, the whitepaper says: "This paper proposes a new ...
Fei Labs, a decentralized stablecoin protocol, announced on Monday that it has completed $19 million in new funding, the round saw supports from Framework Ventures, Coinbase Ventures, AngelList founder Naval Ravikant, ParaFi Capital, and Variant Fund.
Fei protocol builds a new way to anchor with the dollar, the whitepaper says: "This paper proposes a new stability mechanism called direct incentives. A direct incentive stablecoin is one in which both the trading activity and usage of the stablecoin are incentivized, where rewards and penalties drive the price towards the peg."
Fei Labs CEO Joey Santoro said: "First, we want to be the best stablecoin in DeFi, in which we would consider DAI to be the primary competitor."
Fei's "genesis launch" is scheduled for March 22, when users will be able to stake ETH to obtain FEI tokens.
By Mary Liu
Tags: AngelList,Coinbase Ventures,Dai,Fei Labs,Framework Ventures,Fund,ParaFi Capital,Stablecoin,Variant Fund
Link: Fei Labs, A Disruptor Of Stablecoin Market, Raised $19 Million From Framework Ventures And Coinbase Ventures [Copy]
