Anzen Finance secures $4m seed round for RWA-based stablecoin issuance
CryptoNewsTerminal Staff28 May, 2024
Anzen Finance secures $4m seed round for RWA-based stablecoin issuance
Anzen Finance, a company developing a new type of stablecoin backed by real-world assets (RWAs), has secured $4 million in seed funding. The funding round was led by Circle Ventures, with participation from Frax, Arca, and Mechanism Capital, among others. Anzen's stablecoin is designed to be more stable and less volatile than existing stablecoins, which are typically backed by fiat currencies like the US dollar or cryptocurrencies like Bitcoin and Ethereum. By backing its stablecoin with RWAs, such as real estate and corporate debt, Anzen aims to reduce the risk of price fluctuations and provide investors with a more secure investment option. The company's CEO and co-founder, Victor Fang, said that the seed funding will be used to further develop Anzen's stablecoin and expand its team. "We are excited to have the support of such a strong group of investors," Fang said. "This funding will enable us to accelerate the development of our stablecoin and bring it to market." Anzen's stablecoin is still in its early stages of development, but the company plans to launch it later this year. The stablecoin will be available to purchase and trade on a variety of cryptocurrency exchanges.
