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Home»ADOPTION NEWS»Dragonfly Led $12M Seed Round from Stablecoin Issuer Agora: Report
ADOPTION NEWS

Dragonfly Led $12M Seed Round from Stablecoin Issuer Agora: Report

By Crypto FlexsApril 2, 20242 Mins Read
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Dragonfly Led M Seed Round from Stablecoin Issuer Agora: Report
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Stablecoin Agora has raised $12 million in seed funding, Bloomberg reports.

Venture firm Dragonfly led the round, with additional support from General Catalyst and Robot Ventures.

Agora plans to launch a USD-pegged stablecoin that supports cash, U.S. Treasury bonds, and overnight repurchase agreements, and build relationships with exchanges and other cryptocurrency companies. The company will focus on customers outside the U.S. for now.

Nick Van Eck, son of investment firm VanEck CEO Jan Van Eck, co-founded Agora. VanEck will manage the funds in Agora’s reserves, Bloomberg added.

Agora faces strong competition in the USD-pegged stablecoin market. tethers USDT

-0.039%
While Circle accounts for 55.34% of the total Ethereum stablecoin supply, Circle USDC

+0.0071%
It accounts for 30.61% of this, according to The Block’s data dashboard.

VanEck’s spot Bitcoin exchange-traded fund HODL has received a ton of attention since its approval on January 11, and even saw a 1,000% increase in trading volume in early February, The Block previously reported. On April 1, HODL brought in USD trading volume of $22.82 million.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.

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