The frontman of the British rock band Muse, Matthew Bellamy, has invested in Pebble, a startup that has raised $6.2 million in seed funding.
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Investors also included Y Combinator, Lightshed Ventures, Cadenza Capital, East Ventures, Orange DAO and Global Founders Capital, Odell Beckham Jr. of the National Football League, and Richard Ma, CEO of the blockchain-audit firm Quantstamp.
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With no single lead investor, the largest investment came from Lightshed Ventures, Pebble co-founder and CEO Aaron Bai said. The round’s valuation of the startup reached $65 million, he added.
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Pebble is developing an app that provides 5-9% annual yield on deposits in the stablecoin USDC.
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“The user deposits dollars into a savings account, which Pebble converts into USDC. Subsequently the coins are lent to credit partners. In return, the startup earns a fee, the size of which depends on market demand for the asset,” the project developers said.
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Pebble’s current lending partners are Vauld and Wyre. The startup’s exchange and depository partners are Prime Trust and Piermont Bank, respectively.
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The app is currently in a closed beta with nearly 100 participants. Over the next three months, up to 5,000 users will join testing.
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Initially Pebble will be available only to United States residents. By year’s end the firm plans to expand into Southeast Asian markets, including Singapore, the Philippines, and Indonesia.
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The developers plan to offer clients 5% cashback at more than 50 partner stores, such as Uber and Amazon. The startup also announced the launch of a Mastercard debit card with the ability to accumulate bonus points.
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As reported, Blockchain Capital возглавил частный раунд финансирования стартапа SO-COL, cofounded by crypto influencer Irene Zhao. Collectively, the project has attracted $100 million.
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