Circle wants to use the extensive suite of blockchain services provided by Cybavo for features such as multichain NFT minting.
Payments platform and USDC issuer Circle has agreed to buy crypto infrastructure startup Cybavo for an undisclosed amount. Pursuant to the acquisition deal, Circle will also invest in research and development related to Cybavo while leveraging the infrastructure platform’s development services.
Circle is hoping to increase the adoption of its stablecoin as well as Web3 applications through this deal. In addition, the peer-to-peer payments technology company also wants to integrate Cybavo’s tech into its core product offerings. Furthermore, the USDC stablecoin issuer also seeks to invest in, build, and operate CYBAVO’s products and services. The goal is to incorporate these enhanced Cybavo secure digital asset products as a new product pillar for Circle.
Also, the custody and blockchain application-focused digital asset infrastructure approach of Cybavo presents cost-saving relief to Circle. This simply implies that Circle will be able to offer “infrastructure as a service” for companies looking to build on Web3. Most importantly, it also implies that developers of the stablecoin issuer can work on their products without worrying about managing digital asset security, operations, and blockchain infrastructure.
Circle and Cybavo Executives on the Deal
Speaking on the Circle-Cybavo development, Jeremy Allaire, Co-Founder and CEO at Circle, enthused:
“Cybavo co-founders Paul Fan and Tim Hsu have built an incredibly impressive product. They are unlocking value for developers and operators across nearly every major sector impacted by crypto and Web3.”
Cybavo is based in Taiwan and has the backing of notable investors, including Taiwan’s H&D Asset Management Company and New Economy Ventures. The crypto infrastructure startup raised $4 million in a pre-Series A funding round last August.
Cybavo also now represents Circle’s fourth publicly known acquisition. This comes after equity crowdfunding platform SeedInvest, mobile investing platform Trigger Finance, and crypto exchange Poloniex.
Also weighing in on Circle’s latest acquisition, Cybavo co-founder and chief executive officer Paul Fan said:
“Circle and CYBAVO share similar operating principles and values and we are aligned in the belief that the market for Web3 apps will ‘cross the chasm’ over the next few years, expanding into major consumer and enterprise-scale applications.”
Furthermore, Fan made bold predictions that the collaboration between both platforms will increase “global crypto economy” visibility.
Cybavo Suite
Cybavo currently has an extensive suite of products and services, including a flexible multi-party customizable policy and workflow engine. In addition, the platform has full API access, and supports numerous blockchain protocols and tokens, smart contracts, and decentralized finance (DeFi) protocols. Furthermore, Cybavo also facilitates multichain non-fungible token (NFT) minting, as well as custody and transaction management. Lastly, the Taiwan-based platform supports full-scale blockchain node management and staking services.
Circle
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle had a $9 billion valuation in February of this year. In April, the peer-to-peer payments tech company announced a $400 million funding round that included investment from BlackRock and Fidelity.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Source: https://www.coinspeaker.com/circle-acquire-cybavo-web3/