LumiShare (previously IllumiShare), a digital asset management ecosystem, has raised $3.2 million in a funding round led by the Abu Dhabi royal family. According to a company statement, the funds were part of the early stages of its Abu-Dhabi-licensed $SRG token presale. The funding will be used to buy gold reserves that will be stored in a safe room at a bank in Abu-Dhabi and broadcast live 24/7.
LumiShare aims to offer the $SRG token that is backed by gold and a “cash recovery fund, and technology.” LumiShare believes that investors are “yearning for a hedge against market volatility.”
LumiShare says the tokens incorporate:
- Gold – LumiShare keeps a physical gold reserve in Abu-Dhabi equivalent to a percentage of the all-time high Market Cap.
- Cash – Meanwhile, a cash reserve is built from the margins between the gold market price and the gold price Lishare pays, which will be used automatically for aggressive marketing.
- Tech – An auto burn mechanism, assets-backed NFT marketplace, staking mechanism, and payment gateway act as the third insurance mechanism.
Ben Sharon, co-founder and CEO of LumiShare, says the crash of FTX is emblematic of the lack of transparency and honesty in the crypto ecosystem.
“We must go back to crypto’s original goal, to create a transparent economy, while offering investors the security they need.”
His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi Royal Family, issued the following statement:
“We are proud to support the LumiShare project which is aimed to grant users a safe haven from the insurmountable amount of scams plaguing the market. LumiShare’s transparency grants investors peace of mind while their assets are being backed by three pillars that safeguard their investments from the rollercoaster of the cryptocurrency market.”
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