Circle, a stablecoin issuer and fintech firm, announced that it has signed a definitive agreement for Cybavo, a cryptocurrency infrastructure platform, in Taiwan.
As part of the move, Circle will continue to invest in, develop, and operate the Taiwan-based company products and services and add them as a new product pillar.With Cubavo, Circle plans to ramp up its own technology capabilities and incorporate advanced security, workflows, and protocol support to the Circle Account and API capabilities to cater to customer demand.The acquisition is expected to offer a wider suite of enterprise and developer services for those building on its stablecoin as well as Web3 infrastructure.Founded in 2018, Cybavo secured $4 million in a seed round last year. Paul Fan, co-founder of Cybavo and chief executive stated that the company had made a significant development.
“Circle, CYBAVO have similar operating principles and values. We are united in the belief that Web3 apps market will ‘cross over the chasm.’ This could lead to major enterprise- and consumer-scale applications. The future of Circle’s projects will be a global crypto economy. This is the news of today.
Circle announced support for Polygon USDC via its APIs and accounts to further propel USDC’s growth. This will allow users to take advantage of more efficient and quicker transactions.
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