Basis, Formerly known as Basecoin, announced Wednesday that the company’s initial coin offering (ICO) has raised $133 million. Investors include major players like Bain Capital Ventures, Andreessen Horowitz, Valor Capital, Alphabet’s venture arm Google Ventures and Digital Currency Group, among others.
Basis is one of the leading stablecoin projects in the crypto space. Their whitepaper details a plan to achieve price stability by using similar operations to those of a bank, but managing them with software instead of humans to avoid error. Most other stablecoin companies back their tokens with actual fiat currencies, which Basis calls an obvious risk.
The supply of their coin is meant to expand and contract to maintain the value at around one USD, to avoid the volatility of the markets. This system is supposedly beneficial to early investors.
The Basis project is only a year old and the 10-person team is based in Hoboken, N.J. In an interview with TechCrunch, CEO Nader Al-Naji declined to release information about potential use cases or future adoption. However, based on the major interest the project has received from several big-name investors, we can expect to hear more from Basis soon.