Ampleforth's Flatcoin project has completed a $1 million strategic funding round, with participation from Coinbase Ventures.

ChainCatcher news, Ampleforth protocol development company Fragments announced that the Ampleforth Foundation's decentralized low-volatility commodity currency SPOT project has completed a $1 million strategic round of financing, with participation from Coinbase Ventures.

It is reported that SPOT aims to combine the characteristics of fiat currencies such as the US dollar and assets like gold or Bitcoin to create a "fully decentralized" and "significantly low-volatility" asset that can be used in the on-chain economy. The project team stated that SPOT does not intend to maintain stability like stablecoins. The SPOT flatcoin, currently available on Ethereum, will also be launched as part of the protocol on Coinbase's incubated Layer 2 network Base.