Stablecoin startup Gyroscope completes $4.5 million in seed funding, will launch stablecoin GYD

According to The Block, Gyroscope, a stablecoin encryption startup, completed a $4.5 million seed round of financing, co-led by Placeholder VC and Galaxy Ventures, Maven 11, Archetype, Robot Ventures, and Balancer Labs co-founder and CEO Fernando Martinelli. . Gyroscope co-founder Lewis Gudgeon said the funding round, which closed in January 2022, is now being made public as the protocol’s codebase is largely complete and is being prepared for a full launch. The design mechanism of its stable currency GYD adopts "all-weather reserve", that is, a problem with an asset in the reserve will only affect a limited part of the reserve, not all.