Deal will integrate CYBAVO's non-custodial digital asset infrastructure service with Circle Products and expand enterprise and developer services for those building on USDC and Web3
BOSTON, June 10, 2022 /PRNewswire/ -- Today Circle Internet Financial Limited signed a definitive agreement to acquire Taiwan-based CYBAVO, a breakthrough crypto technology company that provides platforms for digital asset custody and blockchain application development. CYBAVO's "infrastructure as a service" platform combines their unique "Distributed Risk and Responsibility Model" for digital asset custody and security, highly customizable workflows and operational controls designed for the most demanding enterprise or financial industry workflows, and a deeply extensible model for integrating and running blockchains, protocols and smart contracts.
Together with CYBAVO, Circle hopes to advance the adoption of USDC and Web3 applications while deeply integrating the technology into our core product offerings. Circle also plans to invest in, build and operate CYBAVO's products and services and incorporate them as a new product pillar for Circle.
Akin to the way "cloud services" emerged as a solution to simplify software development for Web 2.0 developers, "Crypto Platform Services" has emerged alongside the surge of developers and companies looking to build on Web3. It is a new category of service that allows developers to focus on delivering a great customer experience without worrying about fundamental digital asset security, operations and blockchain infrastructure management.
"CYBAVO co-founders Paul Fan and Tim Hsu have built an incredibly impressive product," said Jeremy Allaire, Co-Founder and CEO at Circle. "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."
CYBAVO customers will benefit from Circle's planned investments in R&D and continued support of CYBAVO's products and services. Circle customers will benefit from expanded capabilities and the development of a new product pillar focused on Crypto Platform Services.
"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," said Paul Fan, Co-Founder and CEO at CYBAVO. "Today's news and the future of what we build with Circle will bring the power of the global crypto economy to everyone everywhere."
Learn more about Circle and CYBAVO's plans to accelerate Web3 by registering for Circle's crypto ecosystem conference, Converge22, in San Francisco this September.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the issuer of USD Coin (USDC), one of the fastest growing dollar digital currencies powering always-on internet-native commerce and payments. Today, Circle's transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, a leading startup fundraising platform in the U.S. Learn more at https://circle.com.
CYBAVO is a leading platform for secure digital asset management operations. Established in 2018 by a team of cybersecurity veterans, it provides the most advanced digital asset custody technology, integrating MPC technology, a custom security-hardened operating system, patented encryption technology, and a highly secure sandboxed environment to deliver its suite of solutions, including its flagship product, CYBAVO VAULT.
It serves an extensive list of enterprise customers including cryptocurrency exchanges, NFT marketplaces, cryptocurrency wallet providers, and fintech service providers. The company is insured by a S&P AA-rated global reinsurance company, and holds certifications for ISO 27001, SOC 2, and NIST's Cryptographic Module Validation Program.
SOURCE Circle Internet Financial, LLC