Basis, which we all formerly know as Basecoin, has raised $133 million in a private funding this week. According to the chief executive officer Nader Al-Naji’s statement today, the NJ-based project aims at creating a stable cryptocurrency backed up by an algorithmic central bank that will keep the price stable.
The price fluctuations and volatility is what makes many cryptocurrencies fragile. The best example for that is the months of January and February this year when a lot of cryptocurrencies sank and led the crypto market from more than $800 billion to $249 billion.
Basis is dubbed to be the cryptocurrency with the most stable price. So far, it is backed by a lot of different companies and investors such as Bain Capital Ventures, GV, Stanley Druckenmiller, Kevin Warsh, Lightspeed, Foundation Capital, Andreessen Horowitz, Wing VC, NFX, Valor Capital, Zhenfund, INBlockchain, Ceyuan Ventures, Sky9 Capital and others.
The way in which Basis will tackle the volatility of cryptocurrencies will be quite unique. In times when Bitcoin has failed to be effective as a hyperinflating local currency, Basis’ goal is to get the best features from cryptocurrencies and match them with the ones of controlled fiat currencies. And while central banks mitigate volatility via monetary policies (expanding and contracting the money supply), cryptocurrencies have a fixed supply which fosters volatility and makes them an unreliable form of payment.
Basis, in a nutshell, will bring the benefits of cryptocurrencies without the volatility, according to Al-Naji. It will be distributed to those participating in the system, decentralizing the monetary expansion. If it accomplishes its goal, Basis will benefit the efficiency of developing the nations’ economies.
As such, Basis has gained the support of many financial giants. From hedge funds to venture capitalists, it has all that it needs to be developed as one of the most exciting crypto projects right now.
Still, Al-Naji has not revealed all of the specifics on how Basis will work – nor did he say when the token could see the widespread adoption or expand on the apps it will integrate with.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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