July 20, 2022 – Singapore, Singapore
Bluejay Finance, a decentralized and capital-efficient stablecoin protocol for issuing stablecoins pegged to real-world currencies, raised $2.9M in funding from Zee Prime Capital, C2 Ventures, Stake Capital Group , RNR Capital, Daedalus Angels, Moonlanding Ventures, Oval Ventures and more, with angel operators including DeFi projects like Ribbon Finance, Flux, Voltz and Alpha Venture Dao.
Founded in 2021, Bluejay Finance aims to create an avenue for investors to have more stablecoin solutions centered around currencies other than USD in the DeFi space.
He plans to use his funds for team development and stablecoin rollout, focusing on Asian stablecoins, such as Singapore dollar and Philippine peso, and will distribute them through partners such as DeFi protocols, decentralized exchanges, centralized exchanges and fintech companies.
In doing so, it will provide investors with a more inclusive and locally familiar medium of exchange that limits currency risk and foreign exchange fees.
Shining a light on financial inclusion in Asia
With 60% of Southeast Asians underbanked or unbanked, and 70% of the Southeast Asian workforce without bank accounts, there is a clear need to prioritize inclusion financial. Often there has been a lack of formal credit history hampering access to capital for MSMEs, and a general lack of urgency and awareness of owning a personal savings account.
Fortunately, there have been opportunities for Asia recently, thanks to the high mobile penetration in the region, resulting in a variety of financial services and payment gateways for individuals and businesses.
Improving financial inclusion with Asia-focused stablecoins
Stablecoins can play a significant role in the future of financial services in Asia. However, most stablecoin solutions are USD-centric and not suitable for real-world use where transactions are denominated in local currencies. This means that users do not have the choice of being exposed to currencies other than USD in the DeFi space, which exposes users to additional costs, forcing them to use an unknown currency.
By having stablecoins of different currencies around the world on the blockchain, Bluejay Finance lowers the barrier for companies and individuals from these countries to transact and minimizes exchange rate risk, making payments and access to capital easier and more efficient.
Sherry Jiang, Founder of Bluejay Finance, said:
“The DeFi summer was the first wave of innovation, driven by yield farming. Despite the current state of the markets, we’re incredibly optimistic that the next cycle will be driven by sustainable, real-world use cases that solve a real need. Therefore, Bluejay remains focused on building products and partnerships that will enable these sustainable stablecoin use cases and bring the next billion users to DeFi.
Julien Bouteloup, founder of Stake Capital Group, added,
“Over the past few years, stablecoins have proven to be a fundamental primitive within DeFi. However, most stablecoins have revolved around the US dollar. For crypto to branch out into use cases like real-world payments and money markets, it needs to have stablecoins that people in local economies can transact with seamlessly.such as the euro and the Singapore dollar. Bluejay is positioned to meet this need, which will only grow as DeFi matures. »
Recently, Bluejay Finance announced its partnership with Silta Financea protocol focused on real-world durable assets and plans to announce more partnerships in the coming weeks on its Twitter and Discord communities.
About Bluejay Finance
Bluejay Finance is building an Asia-focused capital-efficient protocol for multi-currency stablecoins. The goal is to mirror the forex market in the fiat world on the blockchain, to accelerate financial inclusion and access to DeFi for all users and businesses. Pre-seed investors include Entrepreneur First and Global Founders Capital.
This content is sponsored and should be considered promotional material. The opinions and statements expressed herein are those of the author and do not reflect the views of The Daily Hodl. The Daily Hodl is not a subsidiary or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making high-risk investments in ICOs, blockchain startups, or cryptocurrencies. Please note that your investments are at your own risk and any loss you may incur is your responsibility.
follow us on Twitter facebook telegram