xDai, a Stablecoin-based ecosystem headquartered in Singapore, raised 500k in seed funding.
NGC Ventures made the investment along with round B-Tech and Bixin Invest.
The funding will accelerate the development of the xDai Stable Chain, driving merchant adoption of the stablecoin-based protocol.
Initiated by POA Network in 2018 by Igor Barinov, xDai Stable Chain is a USD-stable blockchain with the goal of bolstering support for stablecoins on dedicated sidechains. Pegged to the USD-backed Dai, the native coin will provide the security, speed, and stability required for cost-efficient transactions. Aimed at peer-to-peer payments, there are now 10 validators securing the xDAi Stable Chain, including POA Network and MakerDAO. The project’s native utility token, DPOS, will also be available as a primary staking token on the network.
Wallet support includes Burner Wallet, Poketto, AlphaWallet, DEX Wallet, Nifty Wallet, Status, Portis, Wallet Core, MetaMask Mobile, as well as Discordtip Bot, with further integrations in the pipeline. With P2P and private payments, subscription services, blockchain banking and vendor stable payments among the primary use cases envisioned for the blockchain, it aims to achieve mainstream adoption while competing with incumbent crypto payment processors.