TLDR:
- Agora, a provider of a digital dollar, raised $12M in Seed funding led by Dragonfly.
- They plan to launch a digital dollar and asset platform for the transmission of value on blockchain-based rails.
In a recent development, Agora, a Jersey City, NJ-based company, has secured $12 million in Seed funding to support its digital dollar project. The funding round was led by Dragonfly, with participation from General Catalyst, Hack VC, Kraken Ventures, and other funds and angels. Strategic investors like Mirana Ventures, Mantle EcoFund, Foresight Ventures, Wintermute Ventures, Galaxy, and Consensys also contributed to the funding.
Under the leadership of CEO Nick van Eck, CTO Drake Evans, and COO Joe McGrady, Agora is working on launching a fully collateralized and freely tradeable US digital dollar known as AUSD. This digital dollar will be tailored for specific markets outside the United States and will have key differences from existing stablecoin offerings. The company plans to have the reserve fund for the AUSD managed by VanEck, a prominent ETF issuer, and ensure that assets are held in trust, are bankruptcy remote, and undergo regular audits.
Overall, Agora’s seed funding round will go towards the development and launch of their digital dollar and asset platform, which is designed for the efficient transmission of value on blockchain-based rails. This funding will support the company as it works towards offering a unique digital dollar solution tailored for specific international markets.
