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Circle’s New VC Fund Backs $4.4M Round for Japanese Yen-Pegged Stablecoin Issuer

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JPYC, the issuer of a Japanese yen-pegged stablecoin, has raised ¥500 million (about $4.43 million) in a Series A spherical led by Headline Asia with participation from Circle’s Circle Ventures fund within the latter’s preliminary capital deployment.

  • Tokyo-based JPYC points the stablecoin as a pay as you go cost instrument in Japan. The firm plans to make use of the funding spherical to strengthen its place as a JPYC issuer, enhance operation and growth capabilities and purchase pay as you go cost devices for third-party companies.
  • “Headline Asia is confident that the era of Web 3.0, built on blockchain technology and the token economy, is coming. Meanwhile, we are concerned about the current situation in Japan, where individuals and institutional investors have yet to get involved in the token economy, which is dominated by cryptocurrencies,” stated Headline Asia Partner Akio Tanaka within the press launch.
  • “JPYC represents the kind of innovation and project Circle Ventures aims to support. The team at JPYC is thinking outside the box to adhere to regulatory framework parameters while still tapping into the value that digital currency can offer the world,” stated Circle co-founder and CEO Jeremy Allaire within the launch.
  • Circle had an lively information day on Tuesday, saying Circle Ventures earlier within the day and later revealing plans for a brand new hub in Singapore.

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