DeltaForesight Raises $2.1M for Yen-Linked Stablecoin Protocol JPYdf
Japanese startup DeltaForesight has raised $2.1 million in funding through a convertible note round led by Coral Capital. The funds will be used to develop JPYdf, a yen-linked stablecoin protocol that allows users to borrow against crypto assets and other stablecoins.
The goal of the project is to create a yen-based economy on-chain, which would not be limited by how much yen a single issuer holds in reserve. JPYdf is over-collateralized and issued via smart contract, with positions able to be liquidated if collateral falls below set thresholds.
DeltaForesight's founder and CEO Yusuke Shindo has experience in the crypto industry, having worked at Deloitte Touche Tohmatsu and Animoca Brands. He notes that traditional stablecoins are limited by issuance caps, know-your-customer requirements, and zero yield.