A company re-imagines a «perfect cryptocurrency» and releases fiat-backed coins. ICO not needed.
The Saga Foundation believes that cryptocurrencies face governments’ and banks’ mistrust due to the high volatility and anonymity. The solution the company came up with is to get rid of both. The Saga coin will be backed by national fiats, ensuring stability and protection from inflation.
"We aim to build a global payment platform that cryptocurrency is not only for tech-savvy people. We wish SagaCoin will be used widely in every city in the world," states the official website.
As the company claims, the unique coin will follow the crucial principles of KYC (Know Your Customer) and AML (Anti-Money Laundering) and be oriented on Swiss legislation.
The Saga Foundation waived to launch an ICO and had collected $30 million already by traditionally attracting accredited investors. The success can be also built on a trustworthy leadership of the company: the former governor of the Bank of Israel Jacob A. Frenkel, a Nobel Laureate in Economic Sciences Myron S. Scholes and Leo Melamed — the chairman emeritus of CME Group.