UAE – Mubasher: LumiShare, a blockchain-based digital asset management ecosystem in the UAE, raised $3.30 million in a seed funding round that was led by Sheikh Mohamed bin Ahmed bin Hamdan Al Nahyan from the Abu Dhabi royal family at the beginning of the presale of its licensed $SRG token.
LumiShare, which was previously known as IllumiShare, will use the proceeds of the funding to purchase gold reserves to be stored in a safe room at a bank in Abu Dhabi and broadcast live all the time.
Created to provide consumers with a reliable inflation hedge and financial security, LumiShare’s $SRG token is not a stablecoin, as it is supported by three uncorrelated assets; gold, a cash recovery fund, and technology.
The platform maintains a physical gold reserve in Abu Dhabi, which equals a percentage of the all-time high market cap. Meanwhile, a cash reserve is secured from the margins between the gold market price and the gold price that Lishare pays, which will be directed automatically to aggressive marketing.
Lastly, an auto-burn method, assets-backed non-fungible token (NFT) marketplace, staking mechanism, and payment gateway act as the third insurance mechanism.
Ben Sharon, Co-Founder and CEO of LumiShare, noted: “The FTX crash showed us that failing projects and a lack of transparency and honesty in the crypto ecosystem really broke the trust investors had in even the most successful companies.”
Sharon added: “We must go back to crypto’s original goal, to create a transparent economy, while offering investors the security they need.”
Mohamed bin Ahmed bin Hamdan Al Nahyan from the Abu Dhabi Royal Family commented: “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.”
