Bitcoin-native banking software company and creator of El Salvador’s Bitcoin beach wallet Galoy raised $4 million.
, which is a derivatives contract that creates a bitcoin-backed synthetic dollar pegged to the US dollar.
A user can transfer their bitcoin to US dollars in the app to lock in a certain exchange rate. Behind the scenes, This means Galoy will short the current amount of US dollars at a predetermined bitcoin price to lock in the exchange rate,. As the contract is perpetual, it avoids expiry. When the contract is settled it is done so in bitcoin avoiding the need to touch US dollars.
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