Stablecoin Exchange Platform Stablehouse Raises $2.18M USD In Seed Funding
Stablehouse, a payment and FX exchange platform for stablecoins, has raised $2.18 million in a seed funding round, with investments secured from crypto-focused venture capital firm Dragonfly Capital and New York-based VC Liberty City Ventures. Other notable investors include Lukka, New York based financial services firm; Asher Corson, Cryptocurrency Analyst at Consolidated Trading; John O’Brien of the R.J. O’Brien family office; Phil Potter, the inventor of Tether, and XBTO International and XBTO Ventures, leaders in cryptofinance.
Based and regulated in Bermuda, Stablehouse serves stablecoin issuers, merchants, end users, and traders. The platform addresses the issues of inconsistent liquidity, lack of transparency, and inaccessibility which are currently preventing the stablecoin market from reaching critical mass. Stablehouse acts as a central clearing and settlement counterparty, allowing users and exchanges to securely and efficiently transfer stablecoins at a liquid market price and for a fixed minimal fee.
Investors support Stablehouse in its mission to provide consistent liquidity and stability to the stablecoin market, with Stablehouse poised to become the capital markets, payment, and settlement nexus for all centralized and decentralized stablecoins.
“Our investment in Stablehouse aligns with our mission to support entrepreneurs tackling the most important problems in crypto,” said Kevin Hu, Partner at Dragonfly Capital. “Stablehouse helps stablecoin markets overcome their persistent issues of inconsistent liquidity and lack of stability. Stablecoins will be the backbone of the digital economy, and we believe Stablehouse is poised to become the capital markets, payment, and settlement nexus for all centralized and decentralized stablecoins.”
This investment follows the involvement of Stablehouse in a test pilot program for a digital stimulus token in collaboration with the Government of Bermuda and comes ahead of a planned Series A raise in Q1 2021.
“Although Stablecoins are still in their early years, they are rapidly gaining prominence, especially as a reliable store of value and secure payment option,” said Philippe Bekhazi, CEO of Stablehouse. “We are thrilled to have such a high calibre of investors on board and are honoured to have this level of support. We are fortunate to have backing from some of the most renowned and successful leaders in the space and are delighted to have access to their knowledge, expertise, and guidance as we progress the stablecoin market. This is only the beginning of a bright future for Stablehouse as we commence our Series A in Q1 2021.”
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