Circle Will Acquire Taiwan-Based Cybavo, Web3 Infrastructure Platform

Circle will acquire the Taiwan-based Web3 infrastructure platform Cybavo with a focus to advance the adoption of the USDC stablecoin and integrating Circle core product offerings so let’s read more today in our latest USD Coin news.

Stablecoin issuer Circle will acquire Cybavo, a Web3 infrastrcuture platform from Taiwan and as a part of the move. Circle will continue to develop, invest and operate in the Taiwan-based companies and services. With Cybavo, Circle plans to ramp up its technology capabilities and incorporate advanced security, protocol support, and capabilities that can cater to customer demand.

The acquisition is expected to offer a wider suite of enterprise and developer services for those that build on the stablecoin and other parts of Web3 infrastructure. Web3 company Cybavo was founded in 2018 and secured $4 million in a seed round last year. The company co-founder Paul Fan stated:

“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. Today’s news and the future of what we build with Circle will bring the power of the global crypto economy to everyone everywhere.”

To accelerate USDC’s expansion, Circle announced support for the Polygon USDC on their accounts and APIs and the move will enable users to leverage cost-effective and fast transactions.

As recently reported, The fintech company Circle is adding its crypto stablecoin to the Polygon blockchain. With USDC, users won’t have to bridge their USDC from the ETH mainnet to Polygon and the bridge will be cumbersome for most because it is slower than the typical ETH transactions and incurs gas fees. As Circle added USDC to Polygon, Jeremy Allaire as the CEO said that his reasoning behind why the company added USDC to Polygon is that it now features 20,000 Dapps.

While Polygon-native USDC could be new and USDC is not since $110 million was poured into the creation by the venture capitalists in 2018. today, USDC exists as a multi-chain stablecoin and can be used on the Ethereum mainnet, Algorand, Stellar, Solana, Flow, Tron, and now Polygon. The Polygon Technology Enterprise lead Antoni Martin said that he believes Polygon USDC will help smooth over the fiat onramp and the user experience overall and will be integrated for automatic payouts.