Bluejay Finance, a Singapore-based multicurrency stablecoin protocol, has secured US$2.9 million in funding in a round, pooled from investors such as Zee Prime Capital, C2 Ventures, and Stake Capital Group, among others.
Singapore Financial District / Photo credit: Shutterstock
The fintech firm will use the funds for team development and stablecoin deployment, focusing on Asian stablecoins pegged to local currencies. The stablecoins will be distributed through partners such as fintech companies as well as centralized and decentralized exchanges, according to a company statement.
The funds raised were “against the headwind in this current market,” said Bluejay CTO Raymond Yeh. “We are going onto a full-on build mode in the coming months with our first stablecoin denominated in Singapore dollar launching in Q4 this year,” Yeh wrote in a LinkedIn post.
The fintech firm aims for stablecoins to allow the underbanked easier access to capital and financial services and minimize currency exchange risk for users by having stablecoins in different currencies.
“DeFi (decentralized finance) summer was the first wave of innovation, driven by yield farming. Despite the current state of the markets right now, we are incredibly bullish that the next cycle will be driven by sustainable, real use cases that solve a true need,” says Bluejay founder Sherry Jiang.
The fundraise comes after the recent fall of stablecoin TerraUSD, which wiped out US$40 billion in investor wealth, including most of the net worth of its co-founder Do Kwon. The crash, which was triggered by a US$285 million sell-off within 24 hours, was a result of the lack of liquidity in crypto markets.
See also: An audacious China-backed plan to reboot the internet with blockchain
Editing by Miguel Cordon and Arpit Nayak
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