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Jun 10, 2022
by Usha Yadav
Circle Agrees to Buy Web 3 Infrastructure Platform Cybavo
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Circle, a payments business, has agreed to purchase Cybavo, a digital asset infrastructure platform that focuses on custody and blockchain app development, for an undisclosed amount. According to a news release issued today, Circle, the issuer of the USDC stablecoin, plans to use the acquisition to boost the coin's acceptance. According to CoinGecko, USDC is the second-largest stablecoin behind Tether, with a market worth of $53.8 billion.
Web 3.0 Platform
Circle will be able to provide infrastructure as a service to organizations wishing to develop the Web 3.0 platform due to the acquisition. This frees developers' time to focus on their products rather than digital asset security, operations, or blockchain infrastructure administration. Circle CEO Jeremy Allaire said in the statement,
"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."
Cybavo, based in Taiwan, was formed in 2018 and raised $4 million in a seed round led by 500 Startups in August of that year. Circle will invest in Cybavo's research and development and support its products and services as part of the acquisition. In April, Circle raised $400 million in a funding round that included BlackRock and Fidelity Investments.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.