LumiShare, a blockchain-based digital asset administration ecosystem, beforehand often known as IllumiShare, has raised $3.2 million led by the Abu Dhabi royal household within the early levels of its Abu-Dhabi-licensed $SRG token presale.
The cash raised shall be used to purchase gold reserves that shall be saved in a secure room at a financial institution in Abu-Dhabi and broadcast dwell 24/7.
“The FTX crash confirmed us that failing initiatives and a scarcity of transparency and honesty within the crypto ecosystem actually broke the belief buyers had in even probably the most profitable corporations,” says Ben Sharon, Co-Founder and CEO of LumiShare. “We should return to crypto’s authentic purpose, to create a clear economic system, whereas providing buyers the safety they want.”
Between 2015 and 2022, a Financial institution of Worldwide Settlements (BIS) examine estimated that 73% to 81% possible misplaced cash on their investments in cryptocurrencies. For retail merchants, investing in crypto has change into tough as they’re pressured to commerce on information, missing any inside data. In an ecosystem the place a tweet can change the whole lot, buyers are craving for a hedge towards market volatility.
Designed to supply shoppers a dependable inflation hedge and unprecedented monetary safety, LumiShare’s $SRG token will not be a stablecoin as it’s backed by three uncorrelated belongings: gold, a money restoration fund, and know-how.
Gold – LumiShare retains a bodily gold reserve in Abu-Dhabi equal to a proportion of the all-time excessive Market Cap.
Money – In the meantime, a money reserve is constructed from the margins between the gold market value and the gold value Lishare pays, which shall be used routinely for aggressive advertising and marketing.
Tech – An auto burn mechanism, assets-backed NFT market, staking mechanism, and fee gateway act because the third insurance coverage mechanism.
“We’re proud to help the LumiShare challenge which is aimed to grant customers a secure haven from the insurmountable quantity of scams plaguing the market,” says His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi Royal Household. “LumiShare’s transparency grants buyers peace of thoughts whereas their belongings are being backed by three pillars that safeguard their investments from the rollercoaster of the cryptocurrency market.”