A Paris-based startup, NeuCoin, has secured $2.25 million in funding to develop its new cryptocurrency.
Over 30 angel investors participated, including Patrik Stymne (co-founder of King), Rob Goldman (head of growth at Facebook), Emil Michael (SVP of business at Uber), Henrik Kjellberg (president, Hotwire) and Ted Rogers (chief strategy officer, Xapo).
The startup lists Dogecoin founder Jackson Palmer and Brock Pierce among its four advisors.
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The new coin aims to improve upon Bitcoin with a currency that appeals to the everyday masses. Bitcoin, the company claims, “has mostly attracted computer experts, speculators and niche users who want to keep their transactions out of sight. But it hasn’t been popular with regular consumers, few of whom find it easy or useful.”
2.5 billion neucoins will be pre-mined. Some will be distributed for free to users recruiting other consumers. Content providers accepting it for tipping will be rewarded with additional coins. The remainder will be sold to investors, the proceeds being used for further development and business projects.
NeuCoin says to employ a proof-of-stake hashing algorithm, which it advocates for reducing the costs of mining.
For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.