Circle to acquire Cybavo
Crypto company Circle The acquisition will see CYBAVO's services integrated into Circle's framework. for an undisclosed amount.
By heavily embedding technology into their product range, Circle and CYBAVO aim to significantly advance the adoption of USD Coin and Web3 applications. Circle, recognized for its peer-to-peer financial services, is making a strategic acquisition of Cybavo, known for its expertise in managing digital assets. Circle This acquisition will enable Circle to provide companies with 'infrastructure as a service,' catering to those looking to innovate within the Web3 space.
Circle has plans to not only manage but also enhance CYBAVO's products and services, weaving them into a new line of offerings. Founded in 2018, the Taiwanese start-up Cybavo has successfully secured $4 million in initial funding, and Circle will back its ongoing research and product development.
Paul Fan, the co-founder and CEO of Cybavo, expressed that \"Circle and CYBAVO are united in their operational philosophies and goals. We both believe that the Web3 application market is poised to explode in the coming years, evolving into scalable solutions for both consumers and businesses alike.\"
Circle views its role in the financial ecosystem as a bridge between traditional finance and Web3 applications, with Fan summarizing their vision: \"We foresee a future for financial services that is based on an open platform, seamlessly merging these two realms, with a broader array of services and products rooted in cryptocurrency and blockchain advancements.\"
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