Circle to acquire crypto infrastructure startup Cybavo 

Quick Take

  • Circle has signed a definitive agreement to acquire Cybavo, a crypto infrastructure startup based in Singapore.
  • Cybavo is backed by Taiwan’s H&D Asset Management Company and New Economy Ventures.

Circle, the issuer of the USD Coin (USDC) stablecoin, has agreed to acquire Cybavo, a crypto infrastructure startup that serves institutional customers.

In a blog post published today, Jeremy Allaire, co-founder and CEO of Circle, said the acquisition of Cybavo will help Circle advance its own technology capabilities and serve more customers. The deal's terms weren't disclosed and it is expected to close at a later date.

Cybavo was founded in 2018 in Singapore and offers a range of services, including crypto custody, staking and blockchain infrastructure. Its clients include crypto exchanges, non-fungible token (NFT) and blockchain gaming platforms and decentralized finance (DeFi) protocols. 

"Cybavo co-founders Paul Fan and Tim Hsu have built an incredibly impressive product," Allaire said in a separate statement. "They are unlocking value for developers and operators across nearly every major sector impacted by crypto and web3. That will 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."

Cybavo is backed by investors, including Taiwan's H&D Asset Management Company and New Economy Ventures. Last August, the firm raised $4 million in a pre-Series A funding round.