News29 September 2021

Inclusive DeFi Startup Angle Labs Announces a Successful $5 Million Seed Round

Angle Labs Announces a Successful $5 Million Seed Round

Summary

  • Decentralized finance startup Angle Labs has raised $5 million
  • funding round led by Andreessen Horowitz (a16z).
  • The startup plans to launch several stablecoins
  • Stablecoins to be pegged to fiat currencies

Inclusive DeFi startup Angel Labs has announced the close of a successful funding round that raised $5 million. The startup aims to use the funds to start on a building project for a more inclusive decentralized finance ecosystem using derivative-backed stablecoins.

The funding round was led a16z’s Andreessen Horowitz, a venture capital giant. Other investors included Divergence Ventures, Fabric VC, Wintermute, Global Founders Capital, Julien Bouteloup, Alven, and Frédéric Montagnon

“This funding will help us bring our protocol to market, grow the Angle Core Team and Community, and facilitate the adoption and integration of agTokens (Angle stablecoins) in Decentralized Finance,” Angle Labs explained in their announcement.

Angel Labs hopes to open a new era in decentralized finance by gravitating away from the USD, which they cite has many undesirable effects for investors from countries that do not use the dollar. Angel Labs plans to make financial products more accessible to people globally by launching the first liquid stable and reliable euro, agEUR, on the Ethereum blockchain through this initiative.

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