Stablecoin startup Agora completes US$12 million in seed round financing, led by Dragonfly

Bloomberg reports, stablecoin startup Agora has completed a $12 million seed round of financing, led by Dragonfly with participation from General Catalyst and Robot Ventures. Agora will issue stablecoins supported by cash, US Treasury bonds, and overnight repurchase agreements. Kyle DaCruz, VanEck's Director of Digital Asset Products, stated that VanEck will manage Agora's reserve fund. Agora plans to sign revenue-sharing contracts with partners. It is reported that Agora was founded by investment management veteran Jan Van Eck's son Nick Van Eck, as well as cryptocurrency experts Drake Evans and Joe McGrady.