Circle, a worldwide monetary technology firm focused on simplifying the use of digital currencies for business and other blockchain transactions, has reportedly signed a decisive approval to acquire Cybavo, a Taiwan-based company founded in 2018.
A Friday press release statement affirmed this decision. According to Jeremy Allaire, CEO of Circle Internet Financial Limited, “Cybavo co-founders Paul Fan and Tim Hsu have built an incredibybavo, Acquisition,ly impressive product. They are unlocking value for developers and operators across nearly every major sector impacted by crypto and Web3.”
Paul Fan further explained, “Circle and Cybavo share similar operating principles and values and we are aligned in the belief that the market for Web3 apps will cross the chasm’ over the next few years, expanding into major consumer and enterprise-scale applications. Today’s news and the future of what we build with Circle will bring the power of the global crypto economy to everyone everywhere.”
Circle aims to finance the various research and development projects pertaining to the Cybavo platform while influencing its development aids. The company further highlights the acquisition to be useful in providing infrastructural services to diverse firms enacting to build on Web3.
Circle is the issuer of the second-largest stablecoin and its acquisition will help to broaden the coin’s adoption.
Cybavo was noted to have raised over $4 million from various investors including 500 startups around last August. Similarly, in April, Circle reportedly raised $400 million in a round that was headed by Fidelity and the world’s biggest asset manager, Black Rock.