Flex Yang, founder and former CEO of Babel Finance, HOPE a named stablecoin and launched a decentralized finance (DeFi) network linked to this token.
Founder of Failed Cryptocurrency Company Launches A New Stablecoin
The Hope ecosystem will focus on bridging the gap between centralized finance, traditional finance and DeFi applications. DeFi protocols rely on smart contracts rather than intermediaries to provide users with financial services such as trading, lending or borrowing.
The initial capital investment in the dollar-pegged HOPE stablecoin will be used to build Bitcoin (BTC) and Ethereum (ETH) reserves, and these reserves will be utilized to create a price fix. Users will then be able to purchase HOPE coins to interact with the ecosystem’s DeFi applications.
Hope launches today. Yang confirmed that the ecosystem will start with investments from outside investors, but will personally invest $10 million out of pocket to finance the Hope ecosystem.
Babel had frozen withdrawals and refunds last June, citing “extraordinary liquidity pressures” following the market downturn.
Bloomberg, cryptocurrency The company reported that Babel plans to use the proceeds from a separate stablecoin called the Babel Recovery Coin (BRC) to pay off its debts to creditors.
Commenting on the Bloomberg report, Yang said Hope will be staked by Babel, but will not directly reimburse creditors.
According to Yang, the team of ex-Babel staff behind Hope will receive 30% of leveraged tokens through a four-year lockdown program.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!