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Brazilian fintech company Crown raises $8.1 million in funding, led by Framework Ventures.
According to Deep Tide TechFlow news on October 14, Blockworks reported that Brazilian stablecoin fintech company Crown announced the completion of an $8.1 million seed round of financing, led by Framework Ventures, with participation from Valor Capital Group, Coinbase Ventures, Norte Ventures, Paxos, and Nubank co-founder Ed Wible. The new funds will be used to support the company's launch of the stablecoin BRLV, which is pegged to the Brazilian real (BRL) and fully backed by Brazilian government bonds. It is reported that BRLV differs from USD-denominated stablecoins like USDC in that it will provide native yield sharing to institutional partners and distribute a portion of the income from the government bonds it holds to institutions.