Circle’s New VC Fund Backs $4.4M Round for Japanese Yen-Pegged Stablecoin Issuer

Circle’s New VC Fund Backs $4.4M Round for Japanese Yen-Pegged Stablecoin Issuer

JPYC, the issuer of a Japanese yen-pegged stablecoin, has raised ¥500 million (about $4.43 million) in a Series A spherical led by Headline Asia with participation from Circle’s Circle Ventures fund within the latter’s preliminary capital deployment.

  • Tokyo-based JPYC points the stablecoin as a pay as you go fee instrument in Japan. The firm plans to make use of the funding spherical to strengthen its place as a JPYC issuer, enhance operation and improvement capabilities and purchase pay as you go fee devices for third-party companies.
  • “Headline Asia is assured that the period of Web 3.0, constructed on blockchain expertise and the token economic system, is coming. Meanwhile, we’re involved concerning the present state of affairs in Japan, the place people and institutional traders have but to get entangled within the token economic system, which is dominated by cryptocurrencies,” mentioned Headline Asia Partner Akio Tanaka within the press launch.
  • “JPYC represents the form of innovation and challenge Circle Ventures goals to assist. The staff at JPYC is considering exterior the field to stick to regulatory framework parameters whereas nonetheless tapping into the worth that digital forex can supply the world,” mentioned Circle co-founder and CEO Jeremy Allaire within the launch.
  • Circle had an energetic information day on Tuesday, asserting Circle Ventures earlier within the day and later revealing plans for a brand new hub in Singapore.

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