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Finance

Circle Agrees to Buy Web 3 Infrastructure Platform Cybavo

Circle will invest in research and development related to Cybavo while leveraging its development services.

By Oliver Knight
AccessTimeIconJun 10, 2022 at 10:52 a.m. UTC
Updated May 11, 2023 at 5:40 p.m. UTC
Terms of the acquisition weren't made public. (Sharon McCutcheon/Unsplash)
Terms of the acquisition weren't made public. (Sharon McCutcheon/Unsplash)

Payments company Circle agreed to buy Cybavo, a digital asset infrastructure platform that focuses on custody and blockchain application development, for an undisclosed amount.

  • 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 to offer "infrastructure as a service" for companies looking to build on Web 3. That lets developers work on their products without needing to worry about digital asset security, operations and blockchain infrastructure management.
  • "Cybavo co-founders Paul Fan and Tim Hsu have built an incredibly impressive product," Circle CEO Jeremy Allaire said in the statement. "They are unlocking value for developers and operators across nearly every major sector impacted by crypto and Web 3."
  • 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 research and development related to Cybavo as well as support its products and services.
  • In April, Circle raised $400 million in a funding round that included investment from BlackRock (BLK) and Fidelity.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter
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