Svmuu reported that JPYC Inc. has announced the completion of its Series B funding round, with the total cumulative amount expected to reach approximately 5 billion Japanese yen. Four new investors participated in the round: Life Design Fund, IHD STRATEGY FUND, Mirai Souzou Toushi Jigyou Yuugensekinin Kumiai, and Meiji Yasuda Mirai Kyousou Toushi Jigyou Yuugensekinin Kumiai.
The company's main business is issuing JPYC, a stablecoin pegged 1:1 to the Japanese yen. It is currently issued on the Ethereum, Polygon, Avalanche, and Kaia blockchains and has been adopted by LINE NEXT's Web3 wallet, Unifi. The funds raised will be used for system and application development, talent acquisition, advancing the stablecoin business, and strategic investments. (coinpost)