The Swiss Foundation Saga today announced plans to create a new cryptocurrency with the inherent control mechanism of volatility that would make its use more acceptable to traditional financial goals — as a means of accumulation and exchange. In addition, the concept of currency provided by the lack of anonymity and the security of the currency basket.
The project is remarkable because his Advisory board includes eminent economists, such as Nobel laureate in Economics Myron Scholz, former head of the Bank of Israel and Chairman of JPMorgan Chase International Jacob Frenkel, President Emeritus of the Chicago Mercantile Exchange Leo Melamed, co-author of the Vix Dan Galai and others.
The owners of new cryptocurrencies must meet the requirements of KYC and AML mechanisms in accordance with Swiss law. To control the volatility of the currency will be supported with a range of deposits in Fiat currencies that are tied to special drawing rights of the IMF and placed in the authorized banks.
“We are not going to hold ICO. To begin the process of creating a low volatility and nizkoshirotnogo mechanism of the process associated with high volatility and large-scale speculation, doesn’t look right,” says project founder IDO Sadeh man.
The project attracted $30 million from a group of investors, including Mangrove Capital Partners, Lightspeed Venture Partners, The Technology Group Singulariteam and Initial Capital. CEO at Mangrove Capital Partners and Chairman of the Board of Directors of the company Wix mark Tłuszcz is also the co-founder of Saga.
The main development center of the company is located in Israel currently employs 25 people, their number is planned to increase to 70 by the end of 2018.