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Galoy Inc., Raises $4 Million for Bitcoin-Backed Synthetic U.S. Dollar Launch – crypto.news

Galoy Inc. has announced that it has secured $4 million in a funding round led by Hivemind Ventures.
The funds will be used for further development of Galoy’s bitcoin payments infrastructure and the creation of Stablesats, a bitcoin-backed synthetic dollar pegged to the United States dollar, according to reports on August 3, 2022.
Stablesats LaunchIn addition to expanding its existing bitcoin Lightning payments infrastructure, Galoy will also dedicate the raised funds to the development of Stablesats, a derivatives contract that brings to life a bitcoin-backed synthetic dollar pegged to the U.S. dollar.
In other words, the Stablesats solution will make it possible for Galoy users to safeguard their bitcoin (BTC) against negative volatility without them having to convert it to a regular stablecoin such as USDT.
While the dollar value of their BTC account fluctuates, $1 in their USD account remains $1 regardless of the bitcoin exchange rate.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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