Recast1 bags $15 million investment from the GEM Group
According to Bloomberg, Recast1, blockchain’s first ‘user-focused’ coin, just got a $15M bump from Luxembourg’s GEM Global Yield LLC SCS. The funds will help the Recast1 team develop and promote their unique version of a ‘stable’ crypto coin.
“The investment is great news for recast. The influx of capital will allow us to strengthen our position in the market. We developed Recast1 as a user-friendly coin that’s less focused on greed and more commercially applicable than most of the field. R1’s unique algorithm allows it to remain stable without the need to peg it to reserves or other assets.” Imran Tariq, CEO of Recast1.
The rise of the user coins
Recast1 is touted as the first of the ‘user-oriented coins’. It’s a decentralised token. meaning it’s not a fiat currency, yet its proprietary CMA algorithm is governed by multiple metrics that work together to ensure the token’s buoyancy. This mean that despite not being tied to other assets, the coin is designed to regulate its own price. The bespoke code achieves this by considering user activity amongst other metrics. To remove much of the volatility associated with many cryptocurrency R1’s focus is set on incentivising transfers rather than price. The concept behind R1 is one of utility over profit. By rewarding trading and keeping transaction costs as low as possible the R1 team are hoping their token finds a place in the everyday lives of its holders rather than trying to attract anyone throwing the dice on the next big thing.
A gem of a deal
The invest comes on the heels of Recast’s App launch and a host of new DEX listings. Obviously, GEM’s $15 million investment will give the coin a significant tailwind and more news is likely to follow.
Global Emerging Markets, or GEM for short, is a major player in alternative investments. With offices in Europe and North America, the organisation manages a $3.4 billion fund spanning 70 countries and five continents. The nature of GEM’s investment is unclear at this stage and it’s unknown whether the organisation will play any part in Recast’s operations. It has to be said, however, that securing the deal in the first place, in addition to Recast’s many other recent achievements, does suggest the developers know that they’re doing.
You can find out more about GEM here or follow the Recast1 token here. R1 also has a vocal Recast1 Telegram Channel that you can join via the link below.