Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Angle Labs aims to democratize the use of stablecoins in DeFi by creating a cutting-edge derivatives-backed stablecoin protocol.
On Tuesday, September 28, Angle Labs announced that it has raised $5 million in a funding round led by Andreessen Horowitz (a16z). Apart from a16z, some of the other investors participating were Global Founders Capital, Fabric VC, Divergence Ventures, Alven, Julien Bouteloup and Frédéric Montagnon. The official announcement notes:
“They will bring valuable experience, guidance and resources to help push Angle to the next level! This funding will help us bring our protocol to market, grow the Angle Core Team and Community, and facilitate the adoption and integration of agTokens (Angle stablecoins) in Decentralized Finance (DeFi)”.
Angle Labs Making DeFi More Inclusive with New Funding
Angle Labs is planning to kickstart a new era in the DeFi ecosystem. So far, USD-pegged stablecoins have dominated the DeFi space. However, this isn’t favorable for people wherein the Dollar is not the home currency.
Angle Labs seeks to democratize this offering open access to financial products for people worldwide. As a result, Angle Labs will be launching the first reliable liquid stable Euro (agEUR) on the Ethereum blockchain. This includes the Swiss Franc, the British Pound, the Japanese Yen, or the Korean Won. It will also create stable assets “pegged to non-fiat underlying like indexes or baskets of currencies”.
Besides launching a USD stablecoin, Angle Labs will launch stablecoins for other regions heavily involved in DeFi . Angle Labs seeks to make DeFi more inclusive by moving beyond fiat-pegged stablecoins. As a result, the Angle Core Team has developed a cutting-edge derivatives-backed stablecoin protocol. The announcement notes:
“This protocol will allow users to trustlessly swap a wide range of collateral types against stablecoins and conversely at oracle value thus making it easy for arbitrageurs to bring the price back to peg.”
As a result, Angle Labs plans to bring a highly capital-efficient stablecoin protocol. It will also allow anyone to open leverage long positions “with no funding rate on collateral/stablecoin pairs or to get yield by depositing collateral”.
Angle plans to open a self-sustaining and community-governed protocol in near future.