Circle, one of the most famous peer-to-peer financial services firms, has finally agreed to purchase Cybavo- a platform that deals in digital asset infrastructure. This deal will allow the firm to provide infrastructure as a viable service to firms that want to develop their portfolio on Web3. This would also allow developers to work on their products without having to worry much about operations, digital asset security, or even blockchain infrastructure management.
According to a press release that was issued on Friday, Cybavo and the services firm have every intention of further promoting the adoption of the USDC and the Web3 applications- all the while integrating technology quite deeply into their core product suite.
Circle Is All Set To Acquire Cybavo
Interestingly, Circle also wants to operate and develop the products of Cybavo and services that this platform would avail- all the while integrating them as the new product pillar for the platform. For those who are unaware, Cybavo is a start-up that was formed in Taiwan back in 2018- and also raised close to $4 million in a seed round that took place last year. The platform is sure to invest in the research of Cybavo along with the development which would provide much-needed support for its products and services.
Paul Fan, the CEO, and co-founder at Cybavo, recently stated that Cybavo and Circle have quite similar principles and values of operating. It goes without saying that the two enterprises have been aligned in the belief that the market for Web3 will surely develop over the next few years.
In an interview, the representatives from Circle stated that their dealings with Cybavo were considered to be a strategic acquisition- which was further intended to accelerate the speeding of USDC.