Key Takeaways
- LumiShare has raised $3.2 million in latest funding round.
- The funding was led by His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi royal family.
- LumiShare will use the funds to buy gold reserves that backs its $SRG token along with other two assets.
LumiShare (earlier known as IllumiShare), a blockchain-based digital asset management ecosystem, has raised $3.2 million in funding led by His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi royal family, along with participation from several private investors.
The company revealed in a press release shared with AlexaBlockchain that the money raised will be used to buy gold reserves that backs its $SRG token along with other two assets – a cash recovery fund, and technology.
His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi Royal Family, said: “We are proud to support the LumiShare project which is aimed to grant users a safe haven from the insurmountable amount of scams plaguing the market.”
“LumiShare’s transparency grants investors peace of mind while their assets are being backed by three pillars that safeguard their investments from the rollercoaster of the cryptocurrency market,” he added.
What is so special about LumiShare? LumiShare brings an extreme ‘proof of reserve’ solution for investors by storing the gold reserves in a safe room at a bank in Abu-Dhabi and broadcasting it live 24/7.
According to a study by Bank of International Settlements (BIS), 73% to 81% investors lost money on their investments in cryptocurrencies between 2015 and 2022. For retail traders, investing in crypto has become difficult as they are forced to trade on news, lacking any inside information. In an ecosystem where a tweet can change everything, investors are yearning for a hedge against market volatility.
Ben Sharon, Co-Founder and CEO of LumiShare, said: “The FTX crash showed us that failing projects and a lack of transparency and honesty in the crypto ecosystem really broke the trust investors had in even the most successful companies. We must go back to crypto’s original goal, to create a transparent economy, while offering investors the security they need.”
Designed to offer consumers a reliable hedge against inflation and unprecedented financial security, LumiShare’s $SRG token is not a stablecoin as it is backed by three uncorrelated assets: gold, a cash recovery fund, and technology.
- Gold – LumiShare keeps a physical gold reserve in Abu-Dhabi equivalent to a percentage of the all-time high Market Cap.
- Cash – Meanwhile, a cash reserve is built from the margins between the gold market price and the gold price Lishare pays, which will be used automatically for aggressive marketing.
- Tech – An auto burn mechanism, assets-backed NFT marketplace, staking mechanism, and payment gateway act as the third insurance mechanism.
The IllumiShare team is comprised of industry-leading specialists in Blockchain, Fintech, and Global Banking, including top executives from BlackRock, Polygon, Binance, Meta (Facebook), J.P Morgan, Goldman Sachs, Dubai Gold Exchange, Alibaba, and Microsoft.
The company also completes rebranding today, slightly changing its name to represent its plan to share the ‘lumi’ (light, knowledge) with its community.
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