Golden Finance reported that Hermetica, a Bitcoin-backed stablecoin developer, has completed a $1.7 million financing, led by UTXO Management, with participation from CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine and many angel investors. Hermetica has developed a yielding synthetic USDh, issued on the Bitcoin network. The company intends to use the funds to support the USDh ecosystem, such as through custody partnerships and enhanced liquidity. Hermetica plans to use the funds to expand to other Bitcoin L2s, such as Arch Network and Bitlayer, in the coming months.
