- Seed-funded company Saga was formed in 2018 after receiving $30 million
- The Company is releasing its own stable coin “SGA Token”
- The token aims to replicate the workings of a central bank by a private global institution
London-based Saga first revealed itself in 2018, securing $30 million in seed funding and boasting an impressive array of advisory board members, including Jacob Frenkel, chairman of JPMorgan Chase International, and Professor Myron Scholes, Nobel Laureate in Economic Sciences.
SGA wants to replicate the mechanics of central bank national currencies and apply them on a global scale. The currency is governed by its holders, who can vote for the executive council managing the project.
The planned SGA will be backed by a reserve of assets, which act as a stabilizing mechanism to reduce volatility and holders have to undergo online KYC checks.
“We have set out to address this need by launching the first stabilized, digital currency governed by its holders and compliant with AML regulations”, said a spokesperson for Saga.
In order to serve as a global currency, Saga has built a robust monetary model and effective system of governance. The key feature of its monetary model is a blockchain-based, liquidity provider: a smart contract that adjusts the supply of Saga tokens to meet market demand, and to limit the impact of fluctuations in market confidence on SGA price.
Saga will now compete will already existing stable coin projects such as USDT, TUSD, USDC, DAI and the likes. It remains to be seen what the base audience of the SGA token will be.