ChainCatcher News, stablecoin developer Hermetica has completed a $1.7 million seed round of funding led by UTXO Management. CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine, and a number of angel investors participated.
Hermetica has developed a high-yield synthetic dollar, USDh, that is issued on the Bitcoin network. The company plans to use the funds to strengthen the USDh ecosystem, including through custodial partnerships and enhanced liquidity. Hermetica plans to use this funding to expand into other Bitcoin L2 platforms such as Arch Network and Bitlayer in the coming months.
According to RootData, Hermetica Finance is a non-custodial structured product protocol for Bitcoin. Hermetica Treasury uses automated option yield strategies to generate risk-adjusted returns on Bitcoin and stablecoins.
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