Gyroscope Raises $4.5M in Seed Funding
Gyroscope, a George Town, Cayman Islands-based decentralized all-weather stablecoin company, raised $4.5M in Seed funding.
The round was led by Placeholder VC and Galaxy with participation from Maven11, Archetype, and Robot Ventures, as well as angel investment from Cyrus Younessi, Fernando Martinelli, Hart Lambur, and Will Villaneuva.
The company intends to use the funds to accelerate growth, expand operations and its business reach.
Founded by FTL Labs, who comprises PhD candidates Ariah Klages-Mundt, Lewis Gudgeon and Daniel Perez, who authored seminal papers on stablecoin design and DeFi risk, Gyroscope is a decentralized stablecoin featuring a novel all-weather stablecoin design (Gyro Dollar). A live beta version of the new GYD stablecoin mechanism – Gyro Proto – is now live on mainnet Polygon and is open to all for testing.