Ampleforth's SPOT Secures $1 Million from Coinbase Ventures

IconCryptoNewsTerminal Staff08 Jul, 2024

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Ampleforth's SPOT Secures $1 Million from Coinbase Ventures

Coinbase Ventures, the venture capital arm of popular cryptocurrency exchange Coinbase, has invested $1 million in Ampleforth's decentralized low-volatility commodity money, SPOT. The funding will support the launch of SPOT on Ethereum Layer 2 network Base. SPOT is designed to maintain a stable value against a basket of fiat currencies while providing the flexibility of a decentralized digital asset. By using a unique rebasing mechanism, SPOT adjusts its supply to match changes in demand, helping to minimize price fluctuations. This strategic investment from Coinbase Ventures underscores the growing interest in stablecoins and decentralized finance (DeFi) solutions. SPOT's ability to offer stability and accessibility could make it an attractive option for users seeking a reliable store of value and a bridge between traditional finance and DeFi.

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