UAE-based blockchain platform LumiShare raises $3.2 million led by the Abu Dhabi royal family
Blockchain-based digital asset management platform LumiShare has raised $3.2 million in a funding round led by the Abu Dhabi royal family.
Formerly known as IllumiShare, the company is currently in the early stages of its $SRG token presale, which is licensed in Abu Dhabi. The funds will be used to buy gold reserves that will be stored in a secure room at a bank in Abu Dhabi and broadcast live 24/7.
LumiShare's $SRG token aims to provide consumers with a reliable inflation hedge and financial security and is backed by three uncorrelated assets: gold, a cash recovery fund, and technology.
The token's gold reserve is equivalent to a percentage of the all-time high market cap, while a cash reserve is built from the margins between the gold market price and the price LumiShare pays.
Additionally, the token includes an auto burn mechanism, an assets-backed NFT marketplace, a staking mechanism, and a payment gateway, all of which act as insurance mechanisms.
According to a study by the Bank of International Settlements (BIS), between 2015 and 2022, 73% to 81% of investors in cryptocurrencies likely lost money on their investments. Retail investors, in particular, have found it difficult to trade crypto due to a lack of inside information and reliance on the news.
