Estonian developer of real estate-backed digital currency Currynomics Labs secured €400K

Estonian startup Currynomics Labs, which develops real estate-backed digital currency, secured €400K. The investors were Estonian producer and distributor of nutritional supplements Ecosh Life, Tallinn-based VC Impulse Generator Fund, angel investor and managing partner at Finnish IT consulting company Nordic Helios Pasi Pohjala, business angel Aleksander Denisoff, and COO at Austria-based fintech Salamantex Markus Pejacsevich.

Founded in Tallinn in 2022 by Neeme Liivlaid, Dejan Mansfeld-Rupnik, Kaspar Triebstok, and Asse Sauga, Currynomics Labs develops a real estate-backed digital currency Redcurry. 

It is possible to print traditional currencies without a limit, and they can lose their value because of inflation. At the same time, cryptocurrencies are complex and volatile. Redcurry is based on the income from rented commercial properties, such as office buildings and shopping centers. Redcurry treasury receives cash not only from minting but also from the rental income, which can be reinvested into additional real estate. During inflation the rental income increases because rental agreements are usually inflation-indexed. It makes the new currency non-inflationary. 

The startup’s product is currently in the live beta testing phase. Currynomics Labs plans to launch it globally in 2024. According to the company, Redcurry will be a decentralized currency governed by its users and will be available to the unbanked, underbanked, or living in areas with hyperinflation.