Angle Labs raised $5 million Angle Labs, a startup speciali | DeFi Check

Angle Labs raised $5 million

Angle Labs, a startup specializing in offering stabelcoins tied to currencies such as the euro as an alternative to dollar-oriented tokens, has raised $5 million in a funding round led by Andreessen Horowitz (a16z).

Also included in the seed round announced Tuesday were Fabric VC, Wintermute, Divergence Ventures, Global Founders Capital, Alven, Julien Bouteloup and Frederic Montagnon. Angle's Euro Stablecoin, which is backed by perpetual swaps, satisfies an urgent need throughout the growing universe of decentralized finance (DeFi), says Angle Labs principal Pablo Weirat.

"I started working on the project in January while I was at Stanford and having fun with Compound, getting some returns on USDC. But I live in France and realized I was exposed to exchange risk with my USDC," Weyrat said.