Circle agrees to buy Cybavo’s Web 3 Infrastructure Platform

Circle, a payment company, purchased Cybavo for an undisclosed price. This platform focuses on digital asset management and custody.

Circle is the issuer of the USDC stablecoin and aims to use the acquisition to increase the coin’s adoption, according to a press release issued Friday. USDC is the second-biggest stablecoin, behind Tether, with a market cap of about $53.8 billion, according to CoinGecko.
The acquisition will allow Circle offer “infrastructure as a service” for companies looking to build on Web 3. This allows developers to focus on their products and not have to worry about managing digital assets, operations or blockchain infrastructure management.
Circle CEO Jeremy Allaire stated in the statement that “Cybavo cofounders Paul Fan, Tim Hsu have built a tremendous product.” They are creating value for developers, operators and stakeholders in nearly every sector that is impacted by Web3 and crypto.
Taiwan-based Cybavo was founded in 2018 and raised $4 million in a seed round led by venture capital firm 500 Startups in August last year.
Circle will invest in Cybavo’s research and development, as well as support its products.
In April, Circle raised $400 million in a funding round that included investment from BlackRock and Fidelity.
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