TrustToken, a San Francisco, CA-based platform for asset-backed tokens, raised $20M in strategic funding.
Backers included Andreessen Horowitz, BlockTower Capital, Danhua Capital, Jump Capital, ZhenFund, Distributed Global, Slow Ventures, GGV Capital and others.
The company intends to use the funds for the development of the TrustToken asset tokenization platform and expansion of its legal, partnership, product, and engineering departments.
Led by CEO Danny An, TrustToken provides a platform that leverages blockchains to create asset-backed tokens that can be bought and sold around the world. Its first product, TrueUSD, is a stability-focused cryptocurrency. Each TrueUSD token is redeemable for $1 USD through the company’s website.
TrueUSD can be currently traded on and across the world’s top cryptocurrency exchanges such as Binance, Bittrex, and Upbit.
Since launching in March 2018, TrueUSD’s market capitalization has grown to over $60 million, with an average daily trading volume of $22 million.