Derivatives-Backed Stablecoin Protocol Angel Labs Closes $5 Million in Financing Led by a16z

TokenInsight reports that Angle Labs, an algorithmic stablecoin team, has closed a $5 million seed round led by Andreessen Horowitz (a16z) with participation from Fabric VC, Wintermute, Divergence Ventures and others. Angel Labs is currently live on the beta network and the main network is expected to launch by the end of October. Angle Labs is a derivative-backed, overcollateralizable algorithmic stablecoin protocol. angel Labs supports direct trading of users' underlying collateral and provides collateralized proceeds to liquidity providers.