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LumiShare, a blockchain-based digital asset management ecosystem formerly known as IllumiShare, has raised $3.2 million in the early stages of its Abu Dhabi-licensed SRG token pre-sale, led by the Abu Dhabi Royal Family.
The funds raised will be used to purchase gold reserves, which will be stored in the safe room of a bank in Abu Dhabi and broadcast live 24/7.
Between 2015 and 2022, a study by the Bank for International Settlements (BIS) estimated that between 73% and 81% of people could lose money investing in cryptocurrencies. Investing in cryptocurrencies becomes difficult for retail traders as they are forced to trade on the news, lacking any inside information. In an ecosystem where a tweet can change everything, investors are eager to hedge against market volatility.
Designed to provide consumers with a reliable inflation hedge and unprecedented financial security, LumiShare’s $SRG token is not a stablecoin as it is backed by three uncorrelated assets: gold, cash recycling funds, and technology.
Gold – LumiShare maintains a physical gold reserve in Abu Dhabi equal to a percentage of its all-time high market capitalization.
Cash – Meanwhile, a cash reserve is established based on the difference between the market price of gold and the gold price paid by Lishare, which will automatically be used for aggressive marketing.
Technology – Auto-burn mechanisms, asset-backed NFT marketplaces, staking mechanisms, and payment gateways as a third insurance mechanism.
Ben Sharon, co-founder and CEO of LumiShare, said: “The FTX debacle has shown us that failed projects, and a lack of transparency and honesty in the crypto ecosystem, do break investor trust in even the most successful companies.” “We must go back to the original goal of crypto, to create a transparent economy, while giving investors the security they need.”
His Highness Sheikh Mohammed bin Ahmed bin Hamdan Al Nahyan of the Abu Dhabi Royal Family said: “We are proud to support the LumiShare project, which aims to provide users with a secure A safe haven from the insurmountable scams plaguing the market.” “LumiShare’s transparency gives investors peace of mind while their assets are backed by three pillars, protecting their investments from the roller coaster ride of the cryptocurrency market.”
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