Blockchain startup Havven eyes $31 million in pledged funds for ICO with goal to create crypto’s first “stablecoin”

An Australian blockchain company looking to tackle one of the biggest issues in the cryptocurrency space has received more than $US25 million ($31 million) in pledged funds for its initial coin offering (ICO) at the end of the month.

The startup is called Havven, and it is looking to create one of the first successful ‘stablecoins’ in the cryptocurrency space. Stablecoin projects look to provide cryptocurrency traders and other businesses in the space with a tradeable, decentralised token that has a stable value — akin to putting fiat currency on the blockchain.

Havven’s founder Kain Warwick explains the inherently volatile nature of cryptocurrencies such as Bitcoin or Ethereum means that while they’re great a speculative asset, it also makes them inappropriate for use in everyday transactions and purchases.

The original vision for Bitcoin was for it to be a peer-to-peer electronic cash system, and Warwick believes it has failed that vision, as stability is a key criterion for a cash-related system.

“We need something that’s decentralised, permissionless, and stable, which is what Havven is looking to achieve,” Warwick tells StartupSmart. Read more

Dominic Powell - Smart Company - 15 Feb 2018