Stablehouse, a payment and exchange platform for stablecoins, today announced seed funding of $2.18 million, with investments secured from Dragonfly Capital, a VC focused on crypto assets, and Liberty City Ventures, a New York-based, technology-focused venture capital firm.
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 crypto finance.
Kevin Hu, Partner at Dragonfly Capital, said, “Our investment in Stablehouse aligns with our mission to support entrepreneurs tackling the most important problems in crypto. 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.”
Based and regulated out of Bermuda, Stablehouse provides speed and transparency for participants of the global stablecoin market through its payment solutions. This investment announcement follows recent news of Stablehouse commencing a test pilot program for a digital stimulus token in collaboration with the Government of Bermuda. The pilot is supported by the digital token created by Stablehouse and has begun with a select group of consumers and merchants on the island.
Philippe Bekhazi, CEO of Stablehouse, concluded, “Although Stablecoins are still in their early years, they are rapidly gaining prominence, especially as a reliable store of value and secure payment option. We are thrilled to have such a high caliber of investors on board and are honored 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.”