PRESS RELEASE: TrustToken, Creator of Stablecoin TrueUSD, Raises $20 Million USD in Strategic Round
Token sale backed by Andreessen Horowitz, BlockTower Capital, Danhua Capital, and GGV Capital to build platform for asset-backed tokens
San Francisco, CA –– June 18, 2018 –– TrustToken, the asset tokenization platform and creator of the TrueUSD (TUSD) stablecoin, has successfully completed a $20 million USD strategic round, with support from leading investment firms Andreessen Horowitz, BlockTower Capital, Danhua Capital, GGV Capital, and others. The raise will support the development of the TrustToken asset tokenization platform and expansion of its legal, partnership, product, and engineering departments. Since launching in March 2018, TrueUSD’s market capitalization has grown to $49 million, with an average daily trading volume of $22 million.
TrustToken CEO Danny An said: “The support of these leading investment firms represents a significant step towards our goal to build a compliant tokenization platform for currencies, commodities, and real-world assets. We will draw on the combined expertise and network of these firms as we grow our industry partnerships and extend the reach of our first product, TrueUSD.”
BlockTower Capital is a cryptocurrency investment firm that brings professional trading and portfolio management to the emerging digital asset class. Led by Matthew Goetz, a former Goldman Sachs engineer, and Ari Paul, former Risk Manager at the University of Chicago’s endowment investment office, BlockTower raised $140 million USD this January to expand its digital currency hedge fund.
Ari Paul, BlockTower CIO and Managing Partner, said: “Tokenization of real-world assets will produce value much in the same way that ‘equitization’ did. We can now buy fractional ownership in a basket of commercial office buildings or commodities via equity instruments. Tokenization will further reduce friction in asset trading and ownership.”
Danhua Venture Capital (DHVC) is a venture capital fund that primarily invests in early-stage and growth companies that have disruptive technologies and business models, large market potentials, and outstanding teams. Over the last decade, DHVC has focused on companies at the forefront of the technology sector, including blockchain.
GGV Capital is a multi-stage venture capital firm based in Silicon Valley, Shanghai, and Beijing. With $3.8 billion USD in capital under management, GGV Capital has invested in more than 280 leading technology companies, including Airbnb, Slack, and Alibaba.
Jeff Richards, Managing Partner at GGV Capital, said: “We are thrilled to back the TrustToken team and its global ambition to tokenize assets. One of the most significant benefits of blockchain and cryptocurrency technology is the potential to democratize and increase global participation in financial markets. TrustToken is one of the leading platforms driving this concept forward on a worldwide basis, and doing it with trust at the core of its mission.”
TrustToken’s platform leverages blockchain to create asset-backed tokens that can be bought and sold around the world. TrustToken’s first product, TrueUSD, is a stablecoin that is redeemable 1-for-1 for U.S. dollars. Each TrueUSD token is redeemable for $1 USD through the company’s website. TrueUSD can be currently traded on and across the world’s top cryptocurrency exchanges such as Binance, Bittrex, and Upbit.
For more information, visit the TrustToken website at www.trusttoken.com.
About TrustToken
TrustToken is a blockchain platform for the creation of asset-backed tokens. The company’s first asset-backed token, TrueUSD, is a stability-focused cryptocurrency that is redeemable 1-to-1 for U.S. dollars. TrueUSD is a fully collateralized and regulatory compliant stablecoin that holds funds in third-party escrow accounts to address counterparty risk. For more information, visit trusttoken.com.
Posted from my blog with SteemPress : https://hodlitbro.com.au/2018/06/19/press-release-trusttoken-creator-of-stablecoin-trueusd-raises-20-million-usd-in-strategic-round/