What does Resolv Labs do?
Resolv Labs advances a DeFi protocol that maintains USR, a stablecoin natively backed by Ether and pegged to the US Dollar. The protocol allows users to mint and redeem USR and its native token, RLP, on a one-to-one collateral basis.
How much did they raise?
The company secured $10M in a Seed funding round led by Cyber.Fund and Maven11, with participation from Coinbase Ventures, SCB Limited, Arrington Capital, Gumi Cryptos, NoLimit Holdings, Robot Ventures, Animoca Ventures, and others.
What are their plans for the money?
With the new capital, Resolv Labs plans to expand its platform and upgrade the USR stablecoin by incorporating bitcoin-based strategies and deepening integrations with institutional digital asset managers, potentially broadening its market impact.
What have they achieved so far?
Resolv Labs has already established a robust protocol for USR, enabling a seamless minting and redemption process backed by Ether, thus proving its concept in the competitive DeFi landscape.