Dragonfly Led $12M Seed Round from Stablecoin Issuer Agora: Report

Stablecoin Agora has raised $12 million in seed funding, Bloomberg reports.

Venture firm Dragonfly led the round, with additional support from General Catalyst and Robot Ventures.

Agora plans to launch a USD-pegged stablecoin that supports cash, U.S. Treasury bonds, and overnight repurchase agreements, and build relationships with exchanges and other cryptocurrency companies. The company will focus on customers outside the U.S. for now.

Nick Van Eck, son of investment firm VanEck CEO Jan Van Eck, co-founded Agora. VanEck will manage the funds in Agora’s reserves, Bloomberg added.

Agora faces strong competition in the USD-pegged stablecoin market. tethers USDT

-0.097%
While Circle accounts for 55.34% of the total Ethereum stablecoin supply, Circle USDC

-0.12%
It accounts for 30.61% of this, according to The Block’s data dashboard.

VanEck’s spot Bitcoin exchange-traded fund HODL has received a ton of attention since its approval on January 11, and even saw a 1,000% increase in trading volume in early February, The Block previously reported. On April 1, HODL brought in USD trading volume of $22.82 million.

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