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Circle, the issuer of the USDC stablecoin, has announced plans to acquire Cybavo, a platform that deals in cryptocurrency infrastructure. The company is based in Taiwan, and through this acquisition, it will be possible for Circle to support the adoption and use of the USDC stablecoin.
Circle plans to acquire Cybavo
Circle has announced that it has signed a definitive agreement to acquire Cybavo. Through this initiative, it will be possible for Circle to maintain its investments in the stablecoin and cryptocurrency sector in general.
Circle will be in charge of the operations of Cybavo and take charge of the company’s products and services. These offerings will be taken up by Circle as a new product pillar for the company.
Through Cybavo, it will be possible for Circle to boost its technological capabilities and adopt advanced security measures. It will also support workflows and provide protocol support for the Circle Account. It will offer APT capabilities that will cater to customer demand growth.
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This acquisition will strengthen Circle’s role in the Web3 sector. It will open up a wide range of enterprise suites and developer services for those creating on the USDC stablecoin. USDC is the second-largest stablecoin, and it is backed by real assets. With calls for stablecoin regulations increasing, the adoption of USDC could soar if it checks all the boxes on regulatory compliance.
Besides this acquisition, Circle is also working on boosting the expansion of the USDC stablecoin. The stablecoin issuer recently announced it would support Polygon USDC on its APIs and accounts. The move will foster cost-effectiveness and increase transaction speeds.
Cybavo as a growing Web3 firm
The Web3 sector has grown significantly over the past year. The growth has attracted venture capital firms now pouring huge sums of money into the sector. Cybavo is among the Web3 companies that have benefited from the growing interest in Web3.
Cybavo was founded in 2018. In 2021, it secured $4 million through a seed funding round. The co-founder and CEO of Cybavo, Paul Fan, noted that the upcoming acquisition was strategic for the company as it would foster expansion into consumer and enterprise applications.
“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.”
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