Circle agrees to buy crypto startup Cybavo
- June 10, 2022
- 0
Circle behind stablecoin USD Coin (USDC) has signed a definitive agreement to acquire cryptocurrency startup Cybavo. Circle signed an agreement to buy @cybavo! Once the deal closes, Circle
Circle behind stablecoin USD Coin (USDC) has signed a definitive agreement to acquire cryptocurrency startup Cybavo.
Circle signed an agreement to buy @cybavo! Once the deal closes, Circle plans to integrate CYBAVO’s unattended digital asset client solution with Circle Products and expand its enterprise and developer services. https://t.co/Kh35nA2tVN
— Circle (@circlepay) 10 June 2022
Cybavo positions itself as an infrastructure platform focused on enterprise customers. The startup offers a range of services, including cryptocurrency storage and betting. Clients include bitcoin exchanges, NFT and gaming platforms, and DeFi protocols.
Circle CEO Jeremy Allaire said the acquisition will allow the company to expand its technology capabilities and customer base. Terms of the deal were not disclosed.
According to The Block, Cybavo raised $4 million in August 2021.
That same month, Allaire announced that Circle would become a “commercial, fully segregated cryptocurrency bank.” In the spring of 2022, it announced plans to apply for a license “in the near future.”
Recall that in April, Circle announced negotiations to raise $400 million with the participation of BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
