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CIRCLE AND CYBAVO INTEND TO FURTHER PROMOTE THE ADOPTION OF WEB3

CIRCLE AND CYBAVO INTEND TO FURTHER PROMOTE THE ADOPTION OF WEB3

Circle, a peer-to-peer financial services company, has agreed to acquire Cybavo, a digital asset infrastructure platform. The agreement will allow Circle to provide "infrastructure as a service" to firms looking to improve on Web3.


Engineers will be able to work on their products without having to worry about digital security, performance, or blockchain infrastructure management. According to a report on Friday, Circle and CYBAVO aim to further promote the adoption of USD Coin (USDC) and Web3 applications while integrating technology deeper into the core product suite.



Also, Circle seeks to develop and implement CYBAVO products and services while integrating as a new product for Circle. Cybavo is a Taiwanese start built in 2018 and raised $ 4 million in the seed cycle last year. The circle will invest in the research and development of Cybavo and provide support for its products and services.


Paul Fan, founder and CEO of Cybavo, said "The Forum and CYBAVO share the same principles and values ​​and work in line with the belief that the Web3 software market will" crash "in the next few years, expanding major consumer and business applications . "


Cointelegraph spoke to Circle about a business they call "strategic acquisition," aimed at accelerating USDC adoption and Web3 technology while also enhancing existing product offerings and establishing a new "Crypto Platform Services" section at Circle.


According to the payment company, its role in the environmental system has been to link traditional financial system with Web3 applications, adding:


"We believe the future is a more open platform for seamless financial services that connect the two worlds, with key applications and services built on crypto and blockchain infrastructure."

The circle did not disclose the terms of the agreement with Cointelegraph, however.


Launched in 2018, USDC stablecoin is the second largest stablecoin after Tether (USDT), with an estimated market capitalization of $ 53.8 billion, and the fifth largest digital asset in value, according to data from CoinGecko.



According to the Cointelegraph, Circle has recently raised $ 400 million in funding rounds led by American investment firm BlackRock, investment firm Fidelity Management and Research, and a London-based fence line Marshall Wace and Fin Capital. The investment cycle will help the Group promote its development as the growing demand for digital currency based on the US dollar.

Source: cointelegraphy




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