ADDX sells stake in digital asset platform CYBAVO to fintech Circle
Private market exchange ADDX has sold its stake in digital asset infrastructure-as-a-service platform CYBAVO to fintech Circle, for an undisclosed sum.
ADDX sells its stake in CYBAVO to Circle
The deal was signed in June and concluded in July, as part of Circle’s acquisition of CYBAVO earlier this year. ADDX was a pre-Series A investor in CYBAVO and held a “significant stake”, the firm says.
Circle is the parent company of the issuer of the popular stablecoin pegged to the US dollar, the USD Coin (USDC).
Founded in 2018, Taiwan-based CYBAVO’s infrastructure-as-a-service platform provides digital asset custody technology and security services to enterprise customers, such as cryptocurrency exchanges, NFT marketplaces, cryptocurrency wallet providers and fintech service providers.
Its core product, the CYBAVO VAULT, helps institutions secure and manage their digital assets. To date, the solution has been used to secure more than 4 million transactions worth more than $35 billion.
ADDX group CEO Danny Toe says: “This sale to Circle vindicates our assessment that CYBAVO was a valuable start-up that had assembled a skilled and experienced team to solve a real problem for customers.
“With the integration of CYBAVO into Circle, the business that CYBAVO has built is now positioned to make a greater impact globally.”
