October 16, 2024
Hermetica, a developer of Bitcoin-backed stablecoins, secured $1.7 million in seed funding. The funding round was led by UTXO Management and included contributions from CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine, and several angel investors.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Hermetica | $1.7M | October 16, 2024 | Seed Round | UTXO Management | Bitcoin |
Hermetica creates the yield-bearing synthetic dollar USDh, issued on the Bitcoin network. The company plans to use the funds to enhance the USDh ecosystem through custodial partnerships and improved liquidity. According to CEO Jakob Schillinger, the funding will help make dollar assets and savings instruments accessible to users in emerging markets, with plans to expand to additional Bitcoin Layer 2 solutions like Arch Network and Bitlayer in the near future.
About Hermetica
Hermetica is a platform that offers USDh, a Bitcoin-backed, yield-bearing synthetic dollar. This means you can earn up to 25% annual percentage yield (APY) on your dollars without leaving the Bitcoin ecosystem. USDh is designed to provide a stable, high-yield alternative to traditional fiat-backed stablecoins, which often rely on fragile banking systems. Hermetica aims to make dollar assets and savings instruments accessible to users, especially in emerging markets, by leveraging Bitcoin’s security and stability.
Website: https://www.hermetica.fi/
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About Investor
Investor: UTXO Management
UTXO Management is a venture capital fund dedicated to the Bitcoin ecosystem. They focus on investing in early-stage startups that are building the infrastructure, technologies, and communities to enhance Bitcoin adoption. Their portfolio includes companies working on Bitcoin DeFi, custody solutions, Lightning Network, and scalability projects. UTXO Management aims to empower founders and drive the growth of the Bitcoin industry by providing the necessary capital and support.
Location: Nashville
Website: https://www.utxo.management/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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