ADDX sells its stake in CYBAVO as part of Circle’s takeover

The deal will integrate CYBAVO’s non-custodial digital asset infrastructure service with Circle products and expand enterprise and developer services for those building on USDC and Web3

0
260
ADDX sells its stake in CYBAVO as part of Circle’s takeover

ADDX has sold its stake in CYBAVO to Circle, an issuer of the digital currency stablecoins such as USDC. 

Circle signed a definitive agreement to acquire Taiwan-based CYBAVO in June and completed the deal in Q3.  

Singapore-based digital securities exchange, ADDX, was a pre-series A investor in digital infrastructure firm CYBAVO.  

CYBAVO provides digital asset custody technology and security services to enterprises, such as cryptocurrency exchanges, NFT marketplaces and cryptocurrency wallet providers.  

The firm’s core product, the CYBAVO VAULT, helps institutions secure and manage their digital assets by eliminating single points of failure through multi-party computation. 

The deal will integrate CYBAVO’s non-custodial digital asset infrastructure service with Circle products and expand enterprise and developer services for those building on USDC and Web3. 

Circle also plans to invest in, build and operate CYBAVO’s products and services and incorporate them as a new product pillar.  

Speaking on CYBAVO, Jeremy Allaire, co-founder and chief executive officer at Circle, said: “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.”  

Paul Fan and Tom Hsu founded CYBAVO in 2018. Their background is in cybersecurity and they have consulted on and built companies such as Trend Micro and Qihoo 360. 

Commenting on the acquisition, Paul Fan said: “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. 

“What we build with Circle will bring the power of the global crypto economy to everyone everywhere.” 

To date, CYBAVO’s core solution has been used to secure more than 4m transactions worth over $35b.   

Image: Canva