According to PANews, Nick Van Eck, son of investment management veteran Jan Van Eck, is betting on cryptocurrency with the help of his family's eponymous firm. Agora, a startup co-founded by Van Eck, cryptocurrency veterans Drake Evans and Joe McGrady, has raised $12 million in a seed funding round led by digital asset venture capital firm Dragonfly. The equity investment also includes contributions from General Catalyst and Robot Ventures.
Agora's parent company is registered in Delaware, with its stablecoin issuance entity located in the British Virgin Islands. The stablecoin is only available to users outside the United States. Like other popular stablecoins, Agora's US dollar stablecoin will be backed by cash, US Treasury bonds, and overnight repurchase agreements. Kyle DaCruz, Director of Digital Asset Products at VanEck, stated that VanEck will manage the Agora reserve fund.
VanEck believes there is still room for newcomers between Tether and USDC. Agora plans to focus on partnerships with cryptocurrency companies, including exchanges, rather than directly developing customers in different regions. Agora does not intend to issue governance tokens. Agora plans to sign revenue-sharing contracts with partners, and individual Agora holders will not directly receive any profits or income generated by Agora.