Stablecoin Startup Raises Millions to Build ‘Boring’ Blockchain – Just What We Needed! πŸ™„

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So, there’s this blockchain startup called Codex that just casually scooped up $15.8 million to make a blockchain just for stablecoins. Because, you know, the world was desperately lacking a blockchain for digital dollars. πŸ™ƒ

The seed round was like a who’s who of crypto, with Dragonfly Capital, Coinbase, Circle, and more throwing cash into the ring. It’s like the Avengers of crypto funding, but instead of saving the world, they’re backing digital dollars. Exciting stuff, right?

Haonan Li, the fearless leader of Codex, plans to use this treasure chest to build a blockchain that’s as exciting as watching paint dry – but for stablecoins. Because efficiency is the new black in blockchain. πŸ’€

Li has officially called “general-purpose blockchains” the “flared jeans” of the crypto world – out of style and not meeting real-world demands. Instead, Codex is building their stablecoin utopia on top of Optimism, because who doesn’t love a good layer-2 solution? It’s like the gluten-free option of blockchains. 🍞➑️🚫

Details on the Codex chain are as sparse as my hairline, but Li promises a fee structure that won’t give you whiplash from market volatility. And if that wasn’t enough, they’re also planning to build off-ramps to turn those digital dollars back into boring old fiat. Because sometimes you just need to buy groceries, you know?

The Stablecoin “Epiphany” 🌟

Back in2023, Li had this wild idea that stablecoins would be the next big thing. At the time, everyone else was like, “Stablecoins? More like table coins, am I right?” But now, it seems he’s having the last laugh. 😏

Victor Yaw, Li’s partner in crime, points out that stablecoins have grown60 times in six years, but still, they’re barely a blip on the radar. “We haven’t even scratched the surface,” he says, basically implying they’re the underdogs in a world obsessed with Bitcoin and Dogecoin. πŸ•

Even when the crypto market was doing its best impression of a rollercoaster, stablecoins were like, “Hold my beer,” and grew by $30 billion. Now, they’re sitting pretty at a cool $230 billion market cap. And guess what? It’s mostly backed by the good ol’ US dollar. πŸ‡ΊπŸ‡ΈπŸ’΅

But wait, there’s more! Codex isn’t the only kid on the block.1Money popped up in January, snagging $20 million to build their stablecoin paradise. Because apparently, one stablecoin blockchain just isn’t enough for this world. 🌍

Brian Shroder, the mastermind behind1Money, predicts a future where stablecoins aren’t just for the US dollar. Get ready for a world of multicurrency stablecoins, because why limit the chaos to just one currency? πŸŒπŸ’Έ

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2025-04-04 20:52