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Crypto heavyweights back inflation-resistant savings protocol -Breaking

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Fintech startup Seashell has raised $6 million in seed investments from some of crypto’s biggest venture funds and project founders as it seeks to build out an inflation-resistant finance app — a timely initiative as consumers struggle with the pressures of rising costs.

Khosla Ventures was the co-leader of this investment round, along with Kindred Ventures. Additional participants included Robinhood (NASDAQ) co-founder Vlad Tenev and billionaire investor Mark Cuban. J. Christopher Giancarlo, ex-chairman U.S. Commodity Futures Trading Commission, and Coinbase Ventures (NASDAQ) Ventures. Polygon and its founders, who were also investors, are crypto-focused project creators.

The United States’ M1 money supply rose from over $4 trillion in January 2020 to over $20.3 trillion in November 2021. Source: Federal Reserve Bank of St. Louis