Circle’s New VC Fund Backs $4.4M Spherical for Japanese Yen-Pegged Stablecoin Issuer

JPYC, the issuer of a Japanese yen-pegged stablecoin, has raised ¥500 million (about $4.43 million) in a Sequence A spherical led by Headline Asia with participation from Circle’s Circle Ventures fund within the latter’s preliminary capital deployment.

  • Tokyo-based JPYC points the stablecoin as a pay as you go fee instrument in Japan. The corporate plans to make use of the funding spherical to strengthen its place as a JPYC issuer, enhance operation and improvement capabilities and purchase pay as you go fee devices for third-party companies.
  • “Headline Asia is assured that the period of Internet 3.0, constructed on blockchain expertise and the token economic system, is coming. In the meantime, we’re involved in regards to the present scenario in Japan, the place people and institutional buyers have but to get entangled within the token economic system, which is dominated by cryptocurrencies,” stated Headline Asia Associate Akio Tanaka within the press launch.
  • “JPYC represents the form of innovation and undertaking Circle Ventures goals to assist. The group at JPYC is pondering outdoors the field to stick to regulatory framework parameters whereas nonetheless tapping into the worth that digital foreign money can supply the world,” stated Circle co-founder and CEO Jeremy Allaire within the launch.
  • Circle had an energetic information day on Tuesday, announcing Circle Ventures earlier in the day and later revealing plans for a brand new hub in Singapore.

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