Level development company Peregrine Exploration has completed a $3.6 million financing round, led by Polychain Capital and Dragonfly.

according to The Block, blockchain development and research company Peregrine Exploration has completed a $3.6 million financing round, led by Polychain Capital and Dragonfly, with participation from Robot Ventures, Pier Two, EIV, and Global Coin Research, as well as angel investors such as Balaji Srinivasan, Jeff Fang, Julian Koh, and Sidney Powell.

It is reported that the new funds will be used to develop a stablecoin protocol called Level.