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Fast take:
Dragonfly put in $14 million to the spherical, in keeping with normal associate Rob Hadick.
The spherical was structured as fairness with warrants to obtain tokens of Codex’s yet-to-be-released token.
Codex plans to make use of the funds to construct a layer-2 stablecoin-focused blockchain on high of Optimism.
Codex has raised $15.8 million in a seed spherical led by Dragonfly Capital. The Fundraising additionally attracted participation from Coinbase Ventures, Circle Ventures, Cumberland, Wintermute, and Selini Capital.
In response to Dragonfly associate Rob Hadick, his agency put in $14 million to the spherical. The funding was structured as fairness with warrants for tokens of Codex’s yet-to-be-released token, Fortune reported.
The funds will go in direction of the event of a stablecoin-focused layer-2 blockchain on Optimism.
Co-founded by the 30-year-old CEO Haonan Li with Victor Yaw and Momo Ong, Codex’s fundraising success arrives at a time when stablecoins are the excitement of the crypto business, with the likes of Stripe just lately making a $1 billion acquisition to strategically place for the following progress part within the area.
Li and Co’s determination to construct on high of Optimism, which goals to scale back the prices and velocity up transactions on Ethereum, isn’t any shock, as he beforehand labored with the layer-2 community, serving to launch Optimism’s native token OP.
Explaining why his firm is constructing a specialised blockchain for stablecoins, Li informed Fortune: “[General purpose blockchains] need to deal with as massive of a market as attainable, and they also find yourself addressing not one of the explicit business segments all that nicely.”
In response to Li, his layer-2 blockchain is optimised for stablecoins from the bottom up, which is why he believes will probably be aggressive out there.
Codex’s L2 options, amongst others, secure charges for sending stablecoins and built-in off-ramps or relationships with crypto exchanges and native brokers to facilitate fiat cashouts. The corporate can be engaged on a function that allows customers to make sure components of their transactions confidential, Li stated.
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