Bluejay Finance, a decentralized stablecoin platform, has received $2.9 million in venture capital funding. Funding for this round was spearheaded by Zee Prime Capital, C2 Ventures, Stake Capital Group, Daedalus Angels, Moonlanding Ventures and RNR Capital among others. Operator angels included DeFi initiatives like Ribbon Finance, Flux and Voltz; as well as Alpha Venture Dao.
What’s Bluejay Finance up to?
Stablecoins issued by Bluejay Finance are based on the value of fiat currency. With the funding, the company plans to expand its team and begin using stablecoins across Asia, particularly the Singapore Dollar and Philippine Peso. DeFi protocols, crypto exchanges, and fintech companies will participate in the distribution of these tokens. Allowing investors to use local currency reduces foreign exchange risk and the cost of exchanging currency.
Bluejay Finance makes it easier for businesses and individuals to transact by utilizing blockchain-based stablecoins in many currencies throughout the world. Stablecoins have the potential to have a significant impact on Asian financial services in the future. For real-world transactions conducted in local currencies, stablecoin systems that run on the US dollar are unsuitable.
About 60% of Southeast Asians do not have access to formal banking services. Additionally, 70% of the workforce in Southeast Asia does not have access to a bank account. Therefore, there is a definite need to focus on financial inclusion here. Bluejay Finance is developing a multi-currency stablecoin capital-efficient system with a focus on Asia. The ultimate goal is to replicate the fiat currency exchange market on the blockchain.
Users in these nations can conduct transactions and avoid currency exchange risk. This can make payments and access to capital more convenient and efficient. Stablecoins, which people in local economies can use to transact, are essential if cryptocurrencies are to spread to local use cases. The Philippine Peso and the Singapore Dollar are two such examples. Bluejay is in a position to provide a solution to this problem.