PANews reported on August 29 that according to The Block, blockchain development and research company Peregrine Exploration announced the completion of a $3.6 million round of financing, led by Polychain Capital and Dragonfly. Other participants include Robot Ventures, Pier Two, EIV, and Global Coin Research. The financing will be used to develop a stablecoin protocol called Level, which aims to become the first stablecoin protocol based on re-pledged US dollar tokens. Level plans to launch a closed beta in the coming weeks, allowing users to mint Level USD by re-pledged US dollar-backed stablecoins such as USDT and USDC, and earn returns.
