Circle, the company behind stablecoin USD Coin (USDC), has signed a definitive acquisition agreementcryptocurrency startup Cybavo.
Cybavo positions itself asinfrastructure platform focused on institutional clients. The startup offers a range of services, including cryptocurrency storage and staking. Among the clients are bitcoin exchanges, NFT and gaming platforms, as well as DeFi protocols.
Circle CEO Jeremy Allaire said the acquisition will allow the company to expand its technology capabilities and customer base. The terms of the deal were not disclosed.
According to The Block, Cybavo raised $4 million in August 2021.
That same month, Allaire announced that Circle would become"commercial cryptocurrency bank with full reserve". In the spring of 2022, he announced plans to apply for a license "in the near future".
Recall that in April, Circle announced negotiations to raise $400 million with the participation of BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.
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