Founder of troubled crypto asset unicorn Babel launches new DeFi project, stablecoin
By Editor - Mon Mar 13, 5:29 am
Flex Yang, the former CEO and founder of Babel Finance, is leading efforts to restructure the now embattled crypto asset unicorn while introducing a new decentralized project with hopes to avoid some of the flaws of his previous venture. In light of the downfall of centralized crypto services like FTX, Gemini and Babel itself, Yang is touting Hope , which blends centralized finance (CeFi), decentralized finance (DeFi) and traditional finance (TradFi), to deliver the kind of transparency and security that come with DeFi but provide the easy access offered by CeFi. The project has a namesake token, which aims to eventually peg its value close to the dollar as adoption grows. However, the Hope token will initially use Bitcoin and Ether as reserves instead of cash and cash-equivalent assets, which are favored by other stablecoins. The approach could raise some eyebrows. Yang compares Hope to MakerDAO, the issuer behind the popular stablecoin Dai, but with “a series of added functionalities.” One of Hope’s protocols HopeConnect, for instance, is a DeFi settlement and clearance application that allows users to trade derivatives within major centralized exchanges (CEXs) without depositing assets on CeFi platforms
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Founder of troubled crypto asset unicorn Babel launches new DeFi project, stablecoin