Hermetica Raises $1.7 Million in Seed Funding

Hermetica, a developer of Bitcoin-backed stablecoins, raised $1.7 million in seed funding. The funding round was led by UTXO Management, with contributions from CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine, and several angel investors, as reported by The Block.

Hermetica is focused on developing the yield-bearing synthetic dollar USDh, which is issued on the Bitcoin network. With the new funding, the company aims to strengthen the USDh ecosystem through custodial partnerships and improved liquidity.

Jakob Schillinger, Founder and CEO of Hermetica, shared with The Block, "The seed funding will allow us to further our mission of making a dollar asset and dollar savings instrument available to users in emerging markets. We plan on using the funds to expand to additional Bitcoin L2s such as Arch Network and Bitlayer in the coming months."