Hermetica, a Panama City, FL-based creator of USDh, the first Bitcoin-backed, yield-bearing stablecoin, raised $1.7M In Seed funding.
The round was led by UTXO Management, with participation from CMS Holdings, Ethos Fund, Trust Machines SPV, Kilowatt Capital, Newman Capital, Silvermine, and strategic angels such as Tycho Onnasch (Founder & CEO, Zest Protocol), Robin Obermaier (Founder & CEO, Liquidium), Mithil Thakore (Founder & CEO, Velar), Matt Maduno (Founder & CEO, Arch Network), and GM Chung (Founder, DeSpread).
The company intends to use the funds to accelerate the growth of USDh, which is natively issued on Bitcoin Layer 1 through Runes and Layer 2 through the Stacks network and is available to purchase on decentralized exchanges.
Led by CEO Jakob Schillinger, Hermetica Labs is focused on creating innovative financial products that leverage Bitcoin’s security and transparency. The company aims to empower Bitcoin users to hold and transact with a stable, liquid dollar asset redeemable for Bitcoin (1 USDh = 1 USD worth of Bitcoin), enabling Bitcoin market participants to securely hold dollars without exiting the Bitcoin ecosystem or converting to fiat.
FinSMEs
17/10/2024