Reports have emerged that Alphabet, Google’s parent company, has invested in a company called Intangible Labs as well as its cryptocurrency Basis. There are other investors like Lightspeed Foundation Capital, Bain Capital Ventures, and billionaire hedge fund manager Stan Druckenmiller.
The cryptocurrency startup has completed a massive round of fundraising and has managed to raise $ 133 million. They have done so by attracting some heavyweights from the world of finance.
The cryptocurrency, Basis, is built on the Ethereum blockchain and is designed in such a way that its supply is automatically adjusted to ensure that the cryptocurrency maintains a steady value and so that the volatility of the cryptocurrency market is avoided.
The CEO of Basis, Nader Al-Naji has said,
“At Basis, we believe the price volatility of cryptocurrencies is one of their biggest barriers to widespread adoption.”
He also said,
“Imagine you’re paid a salary of one Bitcoin per month. If the price of Bitcoin drops, you might not be able to make rent. If it rises, your employer won’t be able to afford your salary. It’s simply not a reliable means of payment.”
The company has also not figured out whether it will be issuing a public token sale in the future or not. What it intends to do is to gauge the regulatory market and see what actions are taken by the Securities Exchange Commission before making a decision.