"We invest in killer blockchain startups." That is the slogan of the Venture Studio & Fund Draper-Goren-Holm. And they just announced an investment was made in the Stablecoin and DeFi ecosystem "Tezos Stable Technologies, Ltd." (TST) which is in development for a while now.
"Draper Goren Holm is a blockchain venture studio and fund created by Tim Draper, Alon Goren, and Josef Holm with a focus on incubating and accelerating the best early-stage startups from around the world.
Josef and Alon are the same team that has built some of the top blockchain conferences such as LA Blockchain Summit (FKA Crypto Invest Summit), Global DeFi Summit, Security Token Summit, and other events. In 2019 they partnered with billionaire investor Tim Draper to build the next-generation blockchain venture studio and fund with a global focus."
Tim Draper has made a fortune as venture capital investor and is known for early investments in Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring, Twitter, DocuSign, Coinbase, Robinhood and Twitch.
The first product launched by TST is USDtez, a Tezos-based stablecoin, backed by both FIAT and XTZ. En Euro-pegged stablecoin will follow, en exchange "TEZEX" and on-chain savings and loan platform "TezFin". All these components will be formally verified, made possible through Tezos formal verification in their smartcontracts. Formal verification, is a method which is used in mission-critical environments such as aerospace, nuclear, and semiconductor industries. It is used to verify the correctness of smartcontracts. Which simply put means, that a smartcontract will do what it is intended to do.
USDtez is pegged to a formally-verifiable measure of (1:1 parity) value between itself and the United States Dollar (USD). USDtez is scalable, has no stability fees and is faster for Tezos on-chain transactions. More about USDtez here.
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