Basis, a re-branded Basecoin, has reported finishing its ICO, securing almost $133 million in investments from finacial giants like Bain Capital Ventures, Andreessen Horowitz, Valor Capital, Alphabet’s venture arm Google Ventures and Digital Currency Group, and others.
Right now Basis is seen as a steblecoin with the most potential. According to the project’s whitepaper, the stable price of the coin will be maintained by automated software, which will perform functions similar to banks, minus the risks associated with the human factor. Basis team refuses to back their token with fiat as most stablecoins do, citing possible security vulnerabilities.
The company decided to employ a different mechanism instead– to constantly regulate the supply of the coin to keep its value at one USD, this way bypassing the volatility of the markets. The system is designed to provide special support to the early investors.
The attention that the company received from several major investors makes the project look very promising, although no info on any potential adoption has been provided yet.