Domestic stablecoin project BiLira received an investment of $ 2.5 million

Domestic stablecoin project BiLira received an investment of $ 2.5 million

Turkey’s first stablecoin project, BiLira (TRYB), received an investment of $2.5 million in its new financing round.

Launched in December 2019, BiLira’s developer, BiLira Teknoloji A.Ş., reached a market value of $125 million after the investment, according to a press release shared with Cointelegraph Turkey.

Big names in the crypto industry such as Alameda Research, 21 Shares, Finberg, SaxeCapital and angel investors participated in the company’s investment tour.

With the new investment, BiLira aims to increase the use of stablecoin in areas such as NFT, game-fi, metaverse and Web3, as well as payment solutions.

BiLira CEO Sinan Koç said, “We aim to develop new products on the blockchain networks we are on, especially by increasing our cooperation with new global decentralized finance platforms and exchanges.”

Murat Fırat, CTO of the company, made the following statement:

“The importance of blockchain technology is increasing day by day. As BiLira, our goals are to make decentralized finance, NFT and similar systems more accessible to the society by using pioneering infrastructure systems, while designing products that will carry our country to the top in the crypto money and blockchain sector.”

BiLira’s core funding round was held last month. According to the news of Cointelegraph dated March 30, the company; It received a total of 7.5 million TL investment from Alameda Research, Future Perfect Ventures, Istanbul Portfolio, Borderless Capital and both Turkish and foreign angel investors.

BiLira, which is indexed to the Turkish lira, is supported at a one-to-one ratio with the Turkish lira held in Turkish banks. The stablecoin currently operates on the Ethereum, Avalanche, Binance Smart Chain, Solana, Algorand and Polygon blockchain networks.

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