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AllScale Raises $5 Million Seed Funding for Self-Custody Stablecoin Bank

According to AllScale, the funding will drive Latin American expansion and bolster partnerships with BNB Chain and African freelancer networks.

BNB

Summary

AllScale announced a $5 million seed funding round for its self-custody stablecoin digital bank, in an official statement. The round was led by YZi Labs, with Informed Ventures and Generative Ventures participating. The company plans to launch services in Latin America next quarter and has formed partnerships with BNB Chain as well as African freelancer communities to extend its reach and utility.

Terms & Concepts
  • Self-custody: A method where users retain control of their own private keys and digital assets without relying on third-party custodians.
  • Stablecoin: A cryptocurrency pegged to a stable asset, such as the US dollar, to reduce price volatility.
  • Seed round: An early-stage funding round used to support initial business development and growth.