# FRAX Cryptocurrency

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/frax-cryptocurrency

- Industry: Internet
- Headquarters: Grand Cayman, US
- Website: www.frax.finance
- Latest round: Seed (Jul 8, 2020)
- Investors on record: 1

## About

Frax Cryptocurrency is an innovative financial technology company providing a scalable stablecoin infrastructure, enabling seamless transactions and interest generation through a non-custodial platform, targeting both retail and institutional clients globally.Founded in 2019 in Grand Cayman, US, Frax Cryptocurrency specializes in stablecoin solutions, particularly its frxUSD product. The company was established by Jason Huan and Travis Moore, who have a background in financial technology. The firm has completed a total of 3 deals, with the most recent funding round occurring on August 9, 2021, when the company was targeted for investment by Crypto.com Capital.Frax offers a robust ecosystem centered around its core product, frxUSD, which is a scalable stablecoin infrastructure fully backed by tokenized U.S. Treasury assets. This digital dollar allows users to mint, redeem, and earn interest at an annual percentage yield (APY) of 4.1% through a non-custodial platform known as FraxNet. The platform supports direct wallet integration, enabling seamless transactions with various dollar types and stablecoins. Retail and institutional clients seeking a stable digital asset for transactions, savings, or investments are the primary end users, with the product actively marketed across North America, Europe, and Asia. The company also operates on a high-performance Ethereum Virtual Machine (EVM) Layer 1 blockchain designed for extreme scalability, minimal fees, and robust security, positioning itself to address the demand for decentralized finance solutions worldwide.Frax's revenue model is centered around transaction fees and the interest earned through the minting and holding of frxUSD. Users can mint frxUSD on a 1:1 basis using USDC, bank wires, or tokenized treasuries, facilitating a straightforward transaction structure. Through the FraxNet platform, clients benefit from non-custodial asset management, generating revenue from interest accrued from U.S. Treasury yields. The company may also explore partnerships with institutional investors and financial entities to enhance collaboration within the decentralized finance ecosystem, offering clients substantial yields while utilizing a secure digital currency framework.In August 2021, Frax Cryptocurrency raised an undisclosed amount of funding led by Crypto.com Capital, which will be used to accelerate the company's global expansion. As part of their growth strategy, the company is likely to introduce new products aimed at enhancing their stablecoin offerings and expand into new markets, particularly targeting regions in Asia and Europe by the end of 2023. The funding will support initiatives that facilitate this expansion and the ongoing development of their product lineup.

## Funding rounds

- Seed, Jul 8, 2020 — Ascensive Asset Management

## Investors

- Ascensive Asset Management (https://capitalatlas.ai/funds/ascensive-asset-management) — Seed