The Circle, the company behind the USD Coin (USDC) stablecoin, has signed a definitive agreement to acquire the cryptocurrency startup Cybavo.
Circle signed an agreement to acquire @cybavo! Once the deal closes, Circle plans to integrate CYBAVO’s non-custodial digital asset customer solution with Circle Products and expand enterprise and developer services. https://t.co/Kh35nA2tVN
— Circle (@circlepay) June 10, 2022
Cybavo positions itself as an infrastructure platform aimed at institutional clients. The startup offers a range of services, including crypto custody and staking. Its clients include Bitcoin exchanges, NFT- and gaming platforms, as well as DeFi protocols.
According to Circle chief executive Jeremy Allaire, the acquisition will allow the company to expand its technological capabilities and client base. Terms of the deal were not disclosed.
According to The Block, Cybavo raised $4 million in August 2021.
In the same month Allaire said Circle would become a ‘commercial cryptocurrency bank with full reserves’. In spring 2022 he said plans to apply for a license ‘in the near future’.
In April, Circle announced talks to raise $400 million with the participation of BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.
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