Investors include General Catalyst, LocalGlobe, SIG, and Balaji Srinivasan.
A cryptocurrency startup aims to combine traditional commodities trading with the world of crypto, following the close of a $3.5 million fundraise.
Up until this point, traditional assets—or real-world assets—have made up a tiny fraction of overall crypto-related activity. Companies like Tether and Paxos offer trading in tokenized gold products, but volumes in those products have been paltry relative to the stablecoins they operate. The market capitalization of Tether Gold stands at $450 million compared to USDT's $83 billion.
"At the end of the day settling on crypto rails is more efficient than the traditional system, so it is just a matter of time," noted Avi Felman of GoldenTree, referring to the development of real-world assets on-chain. "We are going to see a few major launches in the coming months that will change the game."
At the same time, traditional markets have been gripped by the US Federal Reserve's move to hold interest rates steady while indicating plans to hike rates further by the end of the year. That's injected fresh fears into the market that a potential recession could be on the table. It has also been interesting for macro, with assets like gold and oil declining as bond yields surge.
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