Stablecoin startup Agora completes $12 million seed round, led by Dragonfly

BlockBeats news, on April 2, according to Bloomberg, stablecoin startup Agora completed a $12 million seed round of financing, led by Dragonfly, with participation from General Catalyst and Robot Ventures. Agora will issue stablecoins backed by cash, U.S. Treasuries, and overnight repurchase agreements. VanEck will manage the Agora Reserve Fund, said Kyle DaCruz, director of digital asset products at VanEck. Agora plans to sign revenue sharing contracts with partners. Agora individual holders will not directly receive any benefits or income generated by Agora. Agora was co-founded by Nick Van Eck, son of investment management veteran Jan Van Eck, and cryptocurrency veterans Drake Evans and Joe McGrady.