DUBLIN--(BUSINESS WIRE)--Founder of Bridgewater Associates, Ray Dalio, has made an investment in eCurrency™–the first-ever secure technology to enable digital fiat currency to be issued by central banks–eCurrency Mint Limited (eCurrency) announced today.
The investment has been made through Ray Dalio’s private investment firm, DFO. Also investing is private investment firm Radicle Impact. They are part of a Series C funding round led by eBay founder Pierre Omidyar’s Omidyar Network.
The investment furthers the development and introduction of the innovative technology and approach that enables central banks around the world to issue the first digital fiat currency.
“Having the backing of leading investors like Ray Dalio and Radicle Impact–who have championed countless breakthrough projects–is a testament to the momentum behind eCurrency as it comes to market,” said Jonathan Dharmapalan, founder and CEO of eCurrency. “They have been highly influential and effective investors in their space, and both are committed to the eCurrency mission.”
Digital fiat currency has the same legal status as notes and coins and is secure, transparent and efficient, enabling central banks to perform their core regulatory and monetary policy roles. As digital payment systems proliferate, a secure digital instrument issued by the Central Bank is essential to enable true interoperability and instant settlement of digital payments. It enables a scalable governance model for e-money and a future where digital payments are as widely accepted as cash, particularly in emerging markets, helping to drive financial inclusion and economic growth.
“We are excited about the transformative impact eCurrency will have on the lives of people around the globe who will now have access to safer and lower cost currency to enable their economic prosperity,” said Janine Racanelli, CEO of DFO.
“We support eCurrency’s work with central banks to reduce friction and fraud risk in the payments segment by creating a digital form of fiat currency,” said Kat Taylor, managing partner of Radicle Impact and co-CEO of Beneficial State Bank. “We believe the adoption of their technology will accelerate the democratization of financial services and a more secure, transparent and lower cost financial system.”
eCurrency™ is the leading high security technology company that has pioneered the world’s first end-to-end solution that enables central banks to securely and efficiently issue digital fiat currency to operate alongside notes and coins. The company is headquartered in Dublin, Ireland, with R&D facilities in Silicon Valley, California with a growing presence across Africa and Asia. eCurrency combines hardware, software and cryptographic security protocols to provide central banks the tools they need to preserve their charter and doctrine as the sole issuer of the national currency in an increasingly digital economy. By enabling more secure and efficient digital transactions, eCurrency supports the huge economic opportunities presented by the global shift to digital payments, including increased transaction efficiency, financial inclusion, technology innovation and economic growth. ecurrency.net
DFO oversees the private capital and philanthropic activities of Ray Dalio and his family including a growing portfolio of impact investments. DFO is headquartered in Westport, Connecticut.
About Radicle Impact Partners
Radicle Impact Partners is a mission-driven investment firm that invests in companies where financial success creates meaningful social and environmental value. Radicle Impact supports technology-enabled businesses that have the potential to transform three critical systems: energy, food and financial services. Founded in 2013, the firm is based in Oakland, CA. radicleimpact.com