Former Binance.US chief raises $20M for stablecoin network

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1.1. Binance.US's Former CEO Secures $20 Million for Stablecoin Network
2.1. About Flux
3.1. About Brian Shroder

Binance.US's Former CEO Secures $20 Million for Stablecoin Network

Former Binance.US CEO Brian Shroder has successfully raised $20 million in a funding round for his new stablecoin network, Flux.

Flux is a decentralized stablecoin network that aims to provide a more stable and transparent alternative to existing stablecoins. The network will use a unique consensus mechanism that combines proof-of-stake and proof-of-reserve to ensure the stability of its stablecoin, FLX.

The funding round was led by IOSG Ventures, a leading blockchain venture capital firm. Other participants in the round included Alameda Research, Jump Crypto, and Dragonfly Capital.

Shroder said that the funding will be used to develop the Flux network and its stablecoin, FLX. He also plans to use the funds to expand the team and build partnerships with other blockchain projects.

The launch of Flux is expected to take place in the second half of 2023. The network will initially be available on the Ethereum and Polygon blockchains, with plans to expand to other blockchains in the future.

About Flux

FLX is a USD-pegged stablecoin that will be backed by a basket of fiat currencies and cryptocurrencies. The basket will be managed by a decentralized autonomous organization (DAO), which will ensure that the value of FLX remains stable.

Flux is designed to be used as a medium of exchange, store of value, and unit of account. The network will also support smart contracts, which will allow developers to build decentralized applications on top of Flux.

About Brian Shroder

Brian Shroder is a serial entrepreneur and investor with over 15 years of experience in the blockchain industry. He is the former CEO of Binance.US, the American arm of the world's largest cryptocurrency exchange.

Shroder is a strong advocate for the adoption of blockchain technology. He believes that Flux has the potential to revolutionize the way that people use and interact with money.