coinquora.com
Stablecoin protocol Bluejay Finance announced today that it raised $2.9 million in funding from several venture capital firms.
In a release shared with CQ, Bluejay secured the bag from notable VCs, including Stake Capital Group, Zee Prime Capital, C2 Ventures, RNR Capital, Daedalus Angels, Moonlanding Ventures, and Oval Ventures, among others. DeFi projects Ribbon Finance, Flux, Voltz, and Alpha Venture DAO were also involved as angel investors.
Bluejay revealed that it will use the funds to build up its team and stablecoin deployment before distributing them to partners, such as DeFi protocols, centralized and decentralized exchanges, and fintech firms. This will provide investors with a medium of exchange that curbs foreign exchange risks and exchange fees.
Notably, the multi-currency stablecoin protocol pegs its stablecoins on Asian currencies, like the Singapore dollar and the Philippine peso.
Sherry Jiang, the founder of Bluejay Finance, acknowledged that stablecoins play a role in the future of financial services in Asia. Jiang added that Bluejay is steadfast in improving financial inclusion through Asia-focused stablecoins.
Bluejay remains focused on building products and partnerships that will enable these sustainable use cases of stablecoins and bring in the next billion users into DeFi.
“For crypto to branch into use cases like real world payments and money markets, it needs to have stablecoins that people in local economies can seamlessly transact with,” said Stake Capital Group founder Julien Bouteloup. “Bluejay is positioned to address this need, which will only continue to grow as DeFi matures.”
Bluejay Finance looks to ramp up its partnerships within the year, recently announcing a collaboration with DeFi protocol Silta Finance.