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Fintech unicorn Circle acquires Crypto Infrastructure Platform CYBAVO to advance its stablecoin USDC ecosystem
Circle Internet Financial Limited announced to acquire blockchain startup CYBAVO, a Taiwan-based company that provides digital asset custody and blockchain application development platforms. CYBAVO customers will benefit from Circle’s planned investments in R&D and continued support of CYBAVO’s products and services.
Founded by Two cybersecurity industry veterans, former TrendMicro senior research manager Paul Fan and founder of Hacks In Taiwan Conference (HITCON) Tim Hsu, CYBAVO’s “infrastructure as a service” platform combines their unique “Distributed Risk and Responsibility Model” for digital asset custody and security, highly customizable workflows and operational controls designed for the most demanding enterprise or financial industry workflows, and a deeply extensible model for integrating and running blockchains, protocols, and smart contracts.
Together with CYBAVO, Circle hopes to advance the adoption of USDC and Web3 applications while deeply integrating the technology into our core product offerings. Circle also plans to invest in, build and operate CYBAVO's products and services and incorporate them as a new product pillar for Circle.
“CYBAVO co-founders Paul Fan and Tim Hsu are veteran leaders in fundamental crypto and security technology, and have been at the forefront of security technology innovation for decades. They had a vision for a future world where more and more core applications and services would be built on crypto and blockchain infrastructure, ” said Jeremy Allaire, co-founder of Circle.
According to Allaire, the acquisition of CYABVO can help Circle create new opportunities for enterprise and developer services while also providing compelling enhancements to our Circle Account and Circle API capabilities for an improved customer experience, helping to grow adoption of USDC.”
Circle built and launched USDC as an open protocol and platform that developers could build on for seamlessly integrating a trusted and reliable digital dollar into their on-chain applications. Today, thousands of 3rd party developers have integrated USDC into their products and services, and the number of projects using USDC is growing fast. Circle wants as many developers as possible to be able to easily integrate its stablecoin market infrastructure, and the company wants to support the growth of a range of use cases for digital assets.
“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. “Today’s news and the future of what we build with Circle will bring the power of the global crypto economy to everyone everywhere.”
CYBAVO, built by two Taiwanese cybersecurity experts
CYBAVO’s co-founder and CEO Paul Fan is a cybersecurity veteran who has dedicated his professional life to developing advanced antivirus software. He joined the top cybersecurity company TrendMirco right after he graduated from school, and had been developing cybersecurity engines and transforming novel cybersecurity techniques into real-world products.
He made acquaintance with the founder of HITCON Tim Hsu, later the co-founder of CYBAVO, when he attended the cybersecurity summits.
Three years ago, when Paul Fan was thinking of starting a company, Tim Hsu mentioned that he was a consultant for a cryptocurrency exchange, and he had spotted several challenges in managing private keys for them can try to solve. As a result, CYBAVO was born.
Last year, CYBAVO announces to close $4M Pre-Series A Round co-led by global venture capital firm 500 Startups, after winning 1st place in the SelectUSA Investment Summit held by the U.S. Department of Commerce.
Besides the Taiwan market, CYBAVO now has expanded the business to Singapore, Japan, US, Middle East, UK, and Luxembourg. They got selected as the top 10 startups to join the Luxembourg startup accelerator.
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