Nectar Raises $5 Million to Build Bitcoin-Backed Income Platform

Nectar Group, Inc. raised $5 million in seed funding announced Oct. 20 to develop HoneyB, a platform designed to let institutions borrow stablecoins against Bitcoin (BTC) and invest the borrowed funds in an income fund. Under the planned structure, Bitcoin would secure the loan while the borrowed stablecoins go into the fund. That would let institutions retain exposure to Bitcoin while seeking income from the fund’s investments, rather than selling their BTC. The first strategy would use a fund with exposure to U.S. Treasuries, credit, gold and options.

Also reported by BlockTelegraph.

Source: TokenPost