USDh issuer Hermetica completes $1.7 million financing, led by UTXO Management

Hermetica, the developer of a stablecoin supported by Bitcoin, has completed a $1.7 million financing round, with UTXO Management leading the investment and CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine, and numerous angel investors participating. Hermetica has developed a profitable synthetic USDh and issued it on the Bitcoin network. The company plans to use this funding to support the USDh ecosystem, such as through custody partnerships and enhanced liquidity. Hermetica plans to use this funding to expand to other Bitcoin L2s, such as Arch Network and Bitlayer, in the coming months.