Fragments, the Ampleforth protocol development company, announced that the Ampleforth Foundation's decentralized low-volatility commodity currency SPOT project has completed a $1 million strategic round of financing, with Coinbase Ventures participating. SPOT aims to combine the characteristics of fiat currencies such as the US dollar and gold or Bitcoin to create a "completely decentralized" and "significantly less volatile" asset that can be used in the on-chain economy. SPOT flatcoin will also be launched as part of the protocol on the L2 network Base incubated by Coinbase. (TheBlock)