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Crypto heavyweights back inflation-resistant savings protocol

Published 01/13/2022, 09:15 AM
Updated 01/13/2022, 11:00 AM

Fintech startup Seashell has raised $6 million in seed investments from some of crypto’s biggest venture funds and project founders as it seeks to build out an inflation-resistant finance app — a timely initiative as consumers struggle with the pressures of rising costs.

The investment round was co-led by Khosla Ventures and Kindred Ventures, with additional participation from Robinhood (NASDAQ:HOOD) co-founder Vlad Tenev, billionaire investor Mark Cuban, former U.S. Commodity Futures Trading Commission Chair J. Christopher Giancarlo and Coinbase (NASDAQ:COIN) Ventures. The founders of crypto-focused projects Terra, Polygon, Avalanche and Solana were also among the investors.

The United States’ M1 money supply rose from over $4 trillion in January 2020 to over $20.3 trillion in November 2021. Source: Federal Reserve Bank of St. Louis

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