Circle acquires CYBAVO to promote a “global crypto economy”

Credit: Shutterstock
Credit: Shutterstock

Fintech firm Circle has strengthened its position in the world of digital assets with the acquisition of crypto tech company CYBAVO.

Circle’s main service focuses on preparing businesses for the introduction of digital currency innovations with the rapid adoption of an open financial infrastructure.

Assimilating CYBAVO will ensure this goal is achieved more efficiently, as the breakthrough crypto firm possesses certain characteristics that compliment Circle’s vision.  

Paul Fan, Co-Founder and CEO at CYBAVO, said: “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.”

CYBAVO is boasting an “infrastructure-as-a-service” platform that offers the integration of certain blockchains alongside their protocols and smart contracts. This comes in combination with CYBAVO’s “Distributed Risk Responsibility Model” for digital asset custody and security that also allows for the implementation of customisable workflows.

Parallel to developments in the Web3 space, demand for crypto platform services has surged as well. Besides looking to capitalise on this newly emerged market, both CYBAVO and Circle are also promoting the use of USDC (stablecoins).

Jeremy Allaire, Co-Founder and CEO at Circle, commented: “CYBAVO Co-Founders Paul Fan and Tim Hsu have built an incredibly impressive product. They are unlocking value for developers and operators across nearly every major sector impacted by crypto and Web3.

“That will help Circle create new opportunities for enterprise and developer services while also providing compelling enhancements to our Circle Account and Circle API capabilities for an improved customer experience, helping to grow adoption of USDC.”

Circle will continue support for CYBAVO’s products and services, while incorporating them as a new pillar of its commercial range.