Circle, a payments company, has agreed to pay an undisclosed sum for Cybavo, a digital asset infrastructure platform Web 3 that focuses on custody and blockchain app development.
Circle, the USDC stablecoin’s issuer, wants to use the acquisition to increase the coin’s adoption, according to a press release issued today. USDC is the second-largest stablecoin, behind Tether, with a market cap of $53.8 billion.
Platform for Web 3.0
As a result of the acquisition, Circle will be able to deliver infrastructure as a service to enterprises looking to develop the Web 3.0 platform. This allows developers to concentrate on their products rather than on digital asset security, operations, or blockchain infrastructure management. In a statement, Circle CEO Jeremy Allaire remarked:
“Cybavo co-founders Paul Fan and Tim Hsu have built an awe-inspiring product” ,”They are unlocking value for developers and operators across nearly every major sector impacted by crypto and Web3.”
In August of that year, Cybavo, a Taiwanese startup, raised $4 million in a seed round supported by 500 Startups. As part of the deal, Circle will invest in Cybavo’s research and development as well as provide support for its products and services. Circle raised $400 million in April from BlackRock and Fidelity Investments as part of a fundraising round.
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