$125 Million Raised in Basecoin SAFT Sale, SEC Filing Shows
Intangible Labs, the company behind the Basecoin "stablecoin" project, has raised $125 million by way of a Simple Agreement for Future Tokens (SAFT) sale, a new SEC filing shows.
According to a Form D document submitted to the U.S. Securities and Exchange Commission (SEC), Intangible Labs raised the funds via SAFT from 225 investors between March 22 and April 3. Intangible Labs did not immediately respond to a request for comment.
Intangible's basecoin token aims to avoid price volatility by pegging its value to a group of other digital assets. Founder Nader Al-Naji, who left Google last year to pursue the basecoin project, previously told CoinDesk that the token was created to serve as a medium of exchange.
A combination of oracles would monitor the prices of these assets, and the network's protocol would add or remove tokens to ensure that basecoin's price remains stable, as CoinDesk previously detailed.
The startup is also developing "base bonds" and "base shares," or cryptocurrencies that will serve to underpin basecoin. Together, the two will help the protocol manage the supply of basecoins. Base bonds can be converted for basecoin tokens as needed, while base shares simply ensure new tokens are distributed to the shareholders when they are created.
The project has already attracted a group of notable backers, including Andreessen Horowitz, Bain Capital Ventures, Digital Currency Group, Pantera Capital, Polychain Capital and MetaStable Capital.