Estonian company Currynomics Labs secures €400k for its digital currency Redcurry
Tallinn-based digital currency developer Currynomics Labs has secured €400,000 in funding to create its “new money” solution, Redcurry. Investors include Ecosh Life, Impulse Generator Fund, and several angels, Tech.eu reports.
- Founded in 2022, Currynomics Labs is focused on developing Redcurry, a decentralized blockchain ecosystem that ties its stablecoin value to a commercial real estate portfolio’s Net Asset Value (NAV). The solution addresses the common problem among stablecoins of trust in the token’s underlying assets by self-sustainably maintaining the currency peg.
- Redcurry differs from other stablecoins like USDT as its supply is not fixed, and it doesn’t grant holders rights to the underlying property. Instead, according to the company, it “truly commoditizes” real estate by reinvesting financial gains back into the system.
“Redcurry represents a new era for money. It’s designed to grow in value while providing stability and reliability in today’s ever-changing financial landscape. Traditional currencies can be printed limitlessly and lose value because of inflation, making them ineffective for saving up,”Neeme Liivlaid, CEO and co-founder of Currynomics Labs, comments.
- The participating investors include funds Ecosh Life and Impulse Generator Fund, as well as Pasi Pohjala from FinBAN, as well as other angel investors: Aleksander Denisoff, Asse Sauga, Dejan Mansfeld-Rupnik, and Markus Pejacsevich.
- The fresh funds will enable Redcurry to go through its final stage of development before the global launch in 2024.