FinTech Circle announced plans to acquire Taiwan-based cryptocurrency technology platform CYBAVO, which offers digital asset custody and blockchain application development, according to a Friday (June 10) joint press release.
CYBAVO said its Infrastructure-as-a-Service platform combines its digital asset custody and security model with customizable workflows and a program for integrating and running blockchains, protocols and smart contracts.
Circle hopes its agreement to acquire CYBAVO will “advance the adoption of USDC and Web3 applications while deeply integrating the technology into our core product offerings,” according to the joint press release. Circle plans to eventually incorporate CYBAVO’s products and services into its available products.
“CYBAVO co-founders Paul Fan and Tim Hsu have built an incredibly impressive product,” said Jeremy Allaire, co-founder and CEO at Circle, in the joint press release. “They are unlocking value for developers and operators across nearly every major sector impacted by crypto and Web3.
CYBAVO customers will have access to Circle’s planned investments in research and development as well as continued support of CYBAVO. Circle customers will gain from expanded capabilities and the development of a new crypto platform service.
“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, in the joint press release.
Related: Circle’s Payments Platform Now Supports Polygon USDC Transactions
Earlier this week, Circle announced plans to back Polygon USDC on its payments and treasury platform, allowing for more easily automated flows from fiat into the Polygon coin, part of many newer decentralized finance payments and non-fungible token application use cases.
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