Bluejay Finance raises $2.9 million to create multi-currency stablecoins

abdelaziz Fathi

Bluejay Finance, an Asia-focused capital-efficient protocol for multi-currency stablecoins, has raised $2.9 million in private funding round co-led a clutch of reputable crypto-centric investment funds.

The round saw participation from Zee Prime Capital, C2 Ventures, Stake Capital Group, RNR Capital, Daedalus Angels, Moonlanding Ventures, Oval Ventures, and more, with operator-angels including DeFi projects like Ribbon Finance, Flux, Voltz, and Alpha Venture Dao.

Many of the investors who came in this round provide great breadth in terms of perspective, despite the recent massive price drops of major cryptocurrencies. It shows how more VC firms are jumping on the stablecoin bandwagon as they increasingly consider it an investable technology.

According to Bluejay Finance, the proceeds of this funding will be utilized in accelerating product development. The company is also looking to actively hire across many functions, including engineering, design and operations.

“DeFi 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. Therefore, Bluejay remains focused on building products and partnerships that will enable these sustainable use cases of stablecoins and bring in the next billion users into DeFi,” says Sherry Jiang, founder of Bluejay Finance.

Julien Bouteloup, founder of Stake Capital Group, comments, “Over the course of the past few years, stablecoins have proven to be a fundamental primitive within DeFi. However, most stablecoins have revolved around the US dollar. For crypto to branch into use cases like real world payments and money markets, it needs to have stablecoins that people in local economies can seamlessly transact with, such as the Euro and Singapore Dollar. Bluejay is positioned to address this need, which will only continue to grow as DeFi matures.”

Stablecoins have been a core part of the growth story for crypto and DeFi, with US dollar-pegged stablecoins being the de facto reserve currency of crypto thus far. Bluejay Finance aims to build an avenue for investors to have more stablecoin solutions centered around currencies other than USD in the DeFi space. The rationale behind this idea is that when looking at investments in real-world assets, issues with foreign exchange risk start to take stage.

In non-USD markets like Asia, Bluejay says locally denominated stablecoins will form essential building blocks for crypto and DeFi to expand into the real world. By having stablecoins of different currencies, Bluejay Finance lowers the barrier for businesses and individuals to transact and minimizes currency exchange risk, making payments and access to capital easier and more efficient.

Read this next

Institutional FX

Top 0.07%: oneZero makes it to Inc. 5000 of fastest growing companies in America

oneZero started out by serving the foreign exchange trading community, developing and executing technology that could scale with the growth of the FX market.

Industry News

CFTC wins case against broker for secretly taking other side of client orders in block trades

“As we said at the outset of this case, the illegal use of inside or confidential information undermines confidence in markets and will not be tolerated.”

Technology

BankiFi raises $4.8m to bring embedded banking platform to North America

“Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”

Executive Moves

Shieldpay hires ex-Payoneer Chris Andrews as Head of Sales

“We’ll be expanding our position in existing markets and accelerating growth into new verticals, whilst building on our direct and indirect channels.”

Digital Assets

Crypto.com secures preliminary approval to operate in Canada

Crypto.com, one of the longest-established crypto platforms, has become the first digital asset platform to sign a Pre-‘Registration Undertaking’ with the Ontario Securities Commission (OSC) in Canada.

Retail FX

CySEC hits IC Markets One with regulatory warning

The Cyprus Securities and Exchange Commission has once again stepped up its fight against unauthorized brokers.

Uncategorized

XTAGE now offers bitcoin and ether trading to 3.6M Brazilian investors

Brazilian financial services giant XP has officially launched its crypto trading platform XTAGE, which was built on major American stock exchange Nasdaq’s trading technology.

Institutional FX

FX volume drops 7pct at CLS Group in July 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in July.

Digital Assets

Web3 startup PIP integrates with Binance ecosystem

Web3 payment provider PIP has announced integration with the Binance ecosystem, which allows the firm to vastly develop and propose needed products and improvements that are worthy of competing with others chains.

<