Decentralized Stablecoin Protocol Bluejay Finance Secures $2.9 Million in Funding

Decentralized Stablecoin Protocol Bluejay Finance Secures $2.9 Million in Funding

Zee Prime Capital, C2 Ventures, Stake Capital Group, RNR Capital, Daedalus Angels, Moonlanding Ventures, Oval Ventures, and others have invested $2.9M in Bluejay Finance, a capital-efficient decentralized stablecoin protocol for issuing stablecoins pegged to real-world currencies. Operator-angels include DeFi projects like Ribbon Finance, Flux, Voltz, and Alpha Venture Dao.

Bluejay Finance, established in 2021, wants to create a channel for investors to have more stablecoin options focused on currencies other than USD in the DeFi area. With an emphasis on Asian stablecoins like the Singapore Dollar and the Philippine Peso, it intends to use its capital for team growth and stablecoin deployment. These coins will be distributed through partners like DeFi protocols, decentralized exchanges, centralized exchanges, and fintech firms. By doing this, investors will access a more open, well-known medium of exchange that lowers exchange fees and foreign exchange risk.

Spotlighting financial inclusion in Asia

Financial inclusion must be prioritized because 60 percent of Southeast Asians are underbanked or unbanked, and 70 percent of the workforce in this region lacks a bank account. Access to capital for MSMEs is frequently hampered by a lack of official credit histories and a general lack of urgency and understanding regarding having a personal savings account.

Due to the region’s high mobile penetration, which supports a range of financial services and payment gateways for individuals and enterprises, Asia has, fortunately, recently seen prospects.

Enhancing financial inclusion with Asia-focused stablecoins

In the coming years, financial services in Asia may benefit significantly from stablecoins. However, since most stablecoin solutions are USD-centric and are not appropriate for use in the real world, where transactions are denominated in local currencies, users in the DeFi space are only exposed to USD, which exposes them to additional costs and forces them to use foreign currencies.

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Bluejay Finance lowers the transactional costs for businesses and individuals in these nations and reduces currency exchange risk by creating stablecoins of various currencies worldwide on the blockchain. This makes payments and capital access simpler and more effective.

Sherry Jiang, founder of Bluejay Finance says: “DeFi summer was the first wave of innovation, driven by yield farming. Despite the current state of the markets right now, we are incredibly bullish that the next cycle will be driven by sustainable, real use cases that solve a true need. Therefore, 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.”

Julien Bouteloup, the founder of Stake Capital Group, comments, “Over the course of 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 into use cases like real-world payments and money markets, it needs to have stablecoins that people in local economies can seamlessly transact with, such as the Euro and Singapore Dollar. Bluejay is positioned to address this need, which will only continue to grow as DeFi matures.”

A protocol that focuses on sustainable real-world assets, Silta Finance and Bluejay Finance just announced their partnership. Bluejay Finance hopes to announce further partnerships on its Twitter and Discord communities in the coming weeks.