Investing.com - A little-known cryptocurrency has attracted some big-name investors.In a private placement led by Bain Capital Ventures, Basis raised $122 million from a large group of investors, including hedge fund billionaire Stanley Druckenmiler, former Federal Reserve Governor Kevin Warsh, Alphabet (NASDAQ:GOOGL)'s investment unit and venture capital firm Andreessen Horowitz.The company said the goal is to create a cryptocurrency controlled by an algorithmic central bank, which will eliminate the price volatility seen in bitcoin and other digital currencies.Unlike other coins, which have a fixed supply, the supply of Basis will expand and contract based on changes in demand. The plan is to tie the availability of Basis, formerly known as Basecoin, to a measure such as the U.S. dollar or the consumer price index.
