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.  


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This is Circle's fourth publicly known acquisition, after equity crowdfunding platform SeedInvest, mobile investing platform Trigger Finance and crypto exchange Poloniex. In late 2019, Poloniex was spun out from Circle into a new independent company, Polo Digital Assets. Circle has also been looking for a buyer for SeedInvest since 2020.

Circle was founded in 2013 and was valued at $9 billion in February of this year. In April, the company announced a $400 million round but didn't disclose its valuation at the time.

Circle plans to go public via the special purpose acquisition company (SPAC) Concord Acquisition Corp this year and list on the New York Stock Exchange. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.