Aegis Emerges from Stealth with $2M Fundraise for Bitcoin-Backed Stablecoin

Aegis, a startup developing a bitcoin-backed stablecoin independent from the fiat banking system, has come out of stealth mode after securing a $2 million fundraise. The funding round was led by on-chain DAO Dewhales and supported by Profluent Ventures and prominent angel investors with successful track records in leading companies such as Uniswap, Stellar, Sky (formerly known as MakerDAO), Paradigm, Deribit, BCB, GVol (Amberdata), Hidden Road, xAI, and Apptronik.

Founded in 2024, Aegis has created the YUSD, the first bitcoin-backed stablecoin designed with real-time transparency and complete independence from the fiat banking system. The stablecoin features a unique yield mechanism similar to Ethena, but without the associated risks of USDT. It aims to safeguard savings from fiat hyperinflation and provide a user-friendly platform for accessing DeFi and instant liquidity of funds through a partnership with Riverside Hedge. 

Aegis plans to launch YUSD in Q1 of this year and integrate with industry-leading protocols, liquidity pools, and lending providers using the pre-seed investment. The funding will also be allocated to the insurance pool and team expansion. Aegis is backed by Dewhales, Profluent Ventures, and other leading crypto investors.

Source: Business Wire