The frontman of the British rock band Muse, Matthew Bellamy, invested in the startup Pebble, which raised $6.2 million in seed funding.
Other investors included Y Combinator, Lightshed Ventures, Cadenza Capital, East Ventures, Orange DAO and Global Founders Capital, National Football League’s Odell Beckham Jr. and Quantstamp blockchain audit firm CEO Richard Ma.
In the absence of a lead investor, the largest investment came from Lightshed Ventures, said Pebble co-founder and CEO Aaron Bay. At the end of the round, the startup’s valuation reached $65 million, he added.
Pebble is developing an app that allows it to earn 5-9% APR on deposits in USDC Stablecoin.
“The user deposits dollars into a savings account, which Pebble converts to USDC. The coins are subsequently transferred to lending partners in the form of a loan. In return, the startup receives a commission, the amount of which depends on the market demand for the asset,” the project developers said.
Pebble’s current lending partners are Vauld and Wyre. Prime Trust and Piermont Bank are the startup’s exchange and custody partners, respectively.
The Pebble app is currently in closed beta, with nearly 100 participants. Up to 5,000 users will join the testing over the next three months.
Initially, Pebble will only be available to U.S. residents. By the end of the year, the firm plans to tap markets in Southeast Asia, including Singapore, the Philippines and Indonesia.
The developers intend to give customers 5% cashback at more than 50 partner stores, such as Uber and Amazon. The startup also announced a Mastercard debit card with the ability to accumulate reward points.