A new project for a stabilized cryptocurrency that would function “like normal money,” has received backing from Peter Thiel, Coinbase, Distributed Global, GSR.IO and 40 others, according to a press release shared with Cointelegraph June 20.
The developmental-stage stable-value crypto project is dubbed “Reserve,” and closed a collective $5 mln seed round to develop a fully decentralized cryptocurrency that works “by locking up other cryptoassets in a smart contract in order to provide backing to the Reserve token and stabilize its price.”