LumiShare, a blockchain-based digital asset management ecosystem, previously known as IllumiShare, has raised $3.2 million led by the Abu Dhabi royal family in the early stages of its Abu-Dhabi-licensed $SRG token presale.
The money raised will be used to buy gold reserves that will be stored in a safe room at a bank in Abu-Dhabi and broadcast live 24/7.
“The FTX crash showed us that failing projects and a lack of transparency and honesty in the crypto ecosystem really broke the trust investors had in even the most successful companies,” says Ben Sharon, Co-Founder and CEO of LumiShare. “We must go back to crypto’s original goal, to create a transparent economy, while offering investors the security they need.”
Between 2015 and 2022, a Bank of International Settlements (BIS) study estimated that 73% to 81% likely lost money on their investments in cryptocurrencies. For retail traders, investing in crypto has become difficult as they are forced to trade on news, lacking any inside information. In an ecosystem where a tweet can change everything, investors are yearning for a hedge against market volatility.
Designed to offer consumers 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, a cash recovery fund, and technology.
Gold – LumiShare keeps a physical gold reserve in Abu-Dhabi equivalent to a percentage of the all-time high Market Cap.
Cash – Meanwhile, a cash reserve is built from the margins between the gold market price and the gold price Lishare pays, which will be used automatically for aggressive marketing.
Tech – An auto burn mechanism, assets-backed NFT marketplace, staking mechanism, and payment gateway act as the third insurance mechanism.
“We are proud to support the LumiShare project which is aimed to grant users a safe haven from the insurmountable amount of scams plaguing the market,” says His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi Royal Family. “LumiShare’s transparency grants investors peace of mind while their assets are being backed by three pillars that safeguard their investments from the rollercoaster of the cryptocurrency market.”