Intangible labs Grabs $133 Million From Big Investors Backing Basecoin

Intangible Labs was created by three Princeton University computer science ‎graduates. ‎

Intangible Labs, a New York startup that is developing an adjustable-supply cryptocurrency ‎using an algorithmic central bank, raised a whopping $133 million in a Series B ‎funding round that included Silicon Valley venture capitalists and Wall Street fixtures.‎

Bain Capital Ventures led the latest funding round, per a Reuters ‎report‏.‏ Other ‎high profile investors included Google’s venture arm GV, venture capital firm ‎Andreessen Horowitz, and Lightspeed Foundation Capital.

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According to an SEC filing, 225 accredited investors participated ‎in the round which was structured as a private placement.‎

The $133 million haul is a hefty sum for a company that just started a few months ago and ‎even considers raising more funds through an initial coin offering (ICO), just after it ‎assesses the current regulatory environment.‎

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The fundraising will help the blockchain startup scale its platform, which aims to develop a cryptocurrency ‎called Basis (formerly Basecoin). Unlike fixed-supply cryptocurrencies, ‎the Basis protocol is designed to expand and contract supply similarly to the way central ‎banks use to intervene in forex markets to stabilize its national currency. ‎

The cryptocurrency aims to keep its price stable by algorithmically adjusting supply. ‎The platform will issue more tokens when demand is rising and will buy back the coin ‎when the supply increases to restore Basis price.‎

‎“If you have a Basecoin, it’ll be worth $1 today; it’ll be worth $1 ‎tomorrow; it’ll be worth $1 forever,” Intangible Labs CEO and co-founder Nader Al-Naji said.‎

‎”Volatility of cryptocurrencies has prevented their widespread ‎adoption. We are trying to build cryptocurrencies that ‎have all the benefits of crypto but is stable,”‎ he told Reuters in an interview last year.

Intangible Labs was created by three Princeton University computer science graduates. ‎Aside from Al-Naji, the other founders of Intangible Labs are former ‎Princeton classmates Lawrence Diao and Josh Chen.‎

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