Circle, the issuer of the USDC stablecoin, has signed an agreement to acquire Cybavo, a cryptocurrency startup that serves institutional clients in Singapore.
Circle co-founder and CEO Jeremy Allaire said the acquisition of Cybavo will help the company improve its customer service technology capabilities, “helping spread USDC.”
The terms of the deal were not disclosed and it is expected to close soon.
Crypto startup Cybavo was founded in Singapore in 2018 and is backed by Taiwanese asset management company H&D and New Economy Ventures.
Cybavo offers clients a range of services, including cryptocurrency storage, staking, and access to blockchain infrastructure. Cybavo’s customer service technology is based on infrastructure as a service, which combines a “shared risk and responsibility model” for storing and securing digital assets, customizable workflows, operational controls, and elements for integrating and running blockchains.
Recently, Circle’s management took part in a discussion about the benefits and challenges of launching a digital US dollar. According to Circle, the launch of central bank digital currencies will do more harm than good, as many of their benefits are already implemented in private stablecoins.
