FRAX, the world’s first fractional algorithmic stablecoin, announced a new strategic investor in its current financing round, Crypto.com Capital.
The venture arm of Crypto.com, Crypto.com Capital will be an incredibly important partner to FRAX moving forward as the world’s number one fiat gateway with over 10 million users and 20 supported fiat currencies in over 90 supported countries. In addition to funding from Crypto.com Capital, the Crypto.com team will work closely with FRAX to increase adoption and integrate support globally.
“Crypto.com Capital is proud to support FRAX Finance, one of the leading Stablecoin experiments in DeFi that has the potential to reduce volatility and promote greater decentralization,” said Bobby Bao, Co-Founder of Crypto.com and MD of Crypto.com Capital.
“Crypto.com Capital is one of the most used and trusted names in crypto trading. We have some very exciting integrations to bring FRAX & FXS to a wider global audience,” added Sam Kazemian, Founder of FRAX Finance.
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“We’re excited to get strategic backing from one of the best cryptocurrency onramps in the world,” said Travis Moore, CTO of FRAX.
Crypto.com Capital, the venture arm of Crypto.com invests in crypto startups at Seed and Series A stages. With $200 million earmarked for investment, Crypto.com Capital is committed to accelerating the growth of promising startups. Crypto.com Capital gives founders building in the crypto industry two things: a reputable lead investor for their Seed or Series A rounds, and priority of launch on the world’s fastest growing retail crypto platform with over 10 million users. Crypto.com Capital will lead seed rounds with cheque sizes between $100k and $3m and Series A rounds from $3m to $10m.
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FRAX is the world’s first fractional-algorithmic stablecoin protocol. That means it is partially collateralized, and partially stabilized algorithmically. FRAX’s collateralization ratio (CR) increases or decreases, as supply and demand changes. The token can become more algorithmic, or more collateralized, as it seeks a stable value. The end goal of the FRAX protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. Since launching in December 2020, FRAX has grown rapidly with over $700M in TVL (Total Value Locked) and a $250M+ market cap.
