Some big investors have become attracted to a little-known cryptocurrency.
Basis raised $122 million in a private placement headed by Bain Capital Ventures which came from a big group of investors which include hedge fund billionaire Stanley Druckenmiler, former Federal Reserve Governor Kevin Warsh, Alphabet (NASDAQ:GOOGL)’s
investment unit and venture capital firm Andreessen Horowitz.
The aim of the company is the creation of cryptocurrency regulated by an algorithmic central bank, which will terminate issues in price volatility as seen in bitcoin and other digital currencies.
The supply of Basis will enlarge and contract which is dependent upon changes in demand, not like other coins.
The goal is for the availability of Basis, formerly Basecoin and a measure such as the US Dollar to go hand in hand.