Stablecoin issuer and fintech company, Circle, has announced the signing of a definitive agreement to acquire Cybavo, a crypto infrastructure platform based in Taiwan.
As part of the move, Circle will continue to invest in, develop, and operate the Taiwan-based company products and services and add them as a new product pillar.
With Cubavo, Circle plans to ramp up its own technology capabilities and incorporate advanced security, workflows, and protocol support to the Circle Account and API capabilities to cater to customer demand.
The acquisition is expected to offer a wider suite of enterprise and developer services for those building on its stablecoin as well as Web3 infrastructure.
Founded in 2018, Cybavo secured $4 million in a seed round last year. Following the development, the company’s co-founder and chief executive, Paul Fan, stated,
“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.
To further accelerate USDC’s expansion, Circle recently announced support for Polygon USDC on its accounts and APIs. The move will enable users to leverage cost-effective and faster transactions.