Crypto Clearing Firm Stablehouse Raises $2.1 Million in Seed Funding
Summary
Bermuda-based startup Stablehouse, which touts itself as a payment and FX exchange platform for stablecoins, today announced the completion of a $2.18 million seed funding round. It aims to address key issues such as liquidity, stability and accessibility through a centralised, API-enabled platform that facilitates trading major fiat-backed coins, including Tether, Gemini dollar, Paxos, TrueUSD, USD Circle (USDC) and DAI. Join your industry leaders at the Finance Magnates Virtual Summit 2020: Register and vote for the FMLS awards Stablehouse, which boasts as an advisor Phil Potter, former Chief Strategy Officer of Bitfinex and Tether, works on the basis of the classic clearing house model and allows users to trade stablecoins at a liquid market price for a fixed minimum fee. Commenting on the news, Stablehouse CEO, Philippe Bekhazi said: “We are thrilled to have such a high calibre of investors on board and are honoured to have this level of support. British Overseas Territory grants the so-called ‘Class F (‘Full’) DABA’ license to digital asset exchanges, as well as crypto platforms, e-wallets and other operators of similar structures.