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Briefing
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- Basis Stable Cryptocurrency – Virtual currency startup Basis wants to create stable cryptocurrency that does not fluctuate in price like other cryptocurrencies, such as Bitcoin and Ether
- $133 Million in Funding – Startup received $133 million in funding from well-known venture capital firms GV (formerly Google Ventures), Bain Capital Ventures, Lightspeed Venture Partners, Andreessen Horowitz, and Sky9 Capital
- Regulated by Central Bank – Just like regular currencies, new virtual currency will be regulated by algorithmic central bank that simulates inflation and deflation to control price
- Project Vision – Develop world where Basis cryptocurrency can be used for salaries, loans, and contracts
- Other Stablecoin Cryptocurrencies – Include Tether that aims to maintain value of cryptocurrency relative to U.S. dollar, as well as other projects that want to tie their cryptocurrency’s value to gold and other valuable assets
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Accelerator
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Market Disruption
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Sector
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Information Technology
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Organization
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Basis
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Source
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Bernard, Z., "3 Princeton grads just got $133 million from Silicon Valley's hottest investors for a cryptocurrency that could actually replace money",
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Chong, N., "Venture captalists pour $133 million into Stablecoin startup",
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Loizos, C., "Basis, a year-old startup that’s building a price-stable cryptocurrency, just raised $133 million from top investors",
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Al-Naji, N., "Introducing Basis, a stable cryptocurrency with an algorithmic central bank*",
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AcceleratingBiz analysis
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Original Publication Date
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April 18, 2018
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