Fintech startup Seashell has raised $6 million in seed funding from some of the biggest venture capital and cryptocurrency founders as it aims to develop an inflation-resistant financial app — a timely initiative as consumers grapple with mounting cost pressures.
The investment round was led by Khosla Ventures and Kindred Ventures, with additional input from Robinhood co-founder Vlad Tenev and billionaire investor Mark Cuban, former CEO of the United States. Commodity Futures Trading Commission. J. Christopher Giancarlo and Coinbase Ventures. Also among the investors were the founders of crypto projects Terra, Polygon, Avalanche and Solana.
Seashell launches a consumer app that gives users an easy way to get better value for their money. The company claims that the Seashell Save product gives users up to 10% interest on their money with flexible payment options. The app is available on both Android and iOS devices.
Daryl Hock, founder and CEO, who was also the executive vice president and CEO of blockchain security firm CertiK, told Cointelegraph that the app generates revenue from both “internal and external sources,” despite it not being an actual DeFi product. . . He further explained:
“Similar to how traditional banks use customer funds by lending money, Seashell invests customer funds in DeFi and off-chain lending protocols to achieve higher returns for users.”
Although Seashell is not built on a blockchain, the app may still attract savers who are worried about inflation and their declining purchasing power.
Inflation has taken the front page for the past six months as governments struggle to curb price hikes. While politicians blame a lack of supply for inflation, the most reasonable explanation is an increase in the money supply. For example, the US Federal Reserve has printed more money in the past two years than it has in the entire past history of the country combined.
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The M1 money supply grew from more than $4 trillion in January 2020 to more than $20.3 trillion in November 2021. Source: Federal Reserve Bank of St. Louis.
In December, cost pressures were on the rise again, as the US Consumer Price Index, known as CPI, rose 0.5% month-on-month to 7% year-on-year. That was the highest year-over-year growth rate since 1982. Sarah House, chief economist at Wells Fargo, told the Wall Street Journal that “there’s still a lot of momentum right now when it comes to inflation,” adding that price increases are likely to be higher than the mountain. in the coming months.