Crypto-asset banking company Avanti

The first tokenized loyalty program will be introduced by the neo-banking cryptocurrency firm Juno with the help of a USD 18 million Series A round led by ParaFi Capital’s Growth Fund. This round of funding comes as cryptocurrency firms are trying to survive the bear market.

Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, and Abstract Ventures also took part in the round.

The startup, which was founded by the three Indian businessmen Varun Deshpande, Ratnesh Ray, and Siddharth Verma, also has the support of Ryan Selkis, founder of Messari, Surojit Chatterjee, chief product officer of Coinbase, and Sandeep Nailwal, founder of Polygon, as well as Sriram Krishnan, general partner of a16z, and Venu Palaparthi (President, FTX Capital Markets).

After their previous platform, BeeWise, designed for commerce apps, was purchased by Aditya Birla Money, the trio launched their second business.

In 2019, Juno began as a neobank Nuo protocol concentrating on international transfers for Indian immigrants. It closed in 2020 to seek a more regulated strategy for cryptocurrency. Along with Polychain Capital, Consensys Ventures, and Dragonfly Capital, it raised a seed round of USD 3 million from Sequoia India’s accelerator program, Surge, in the same year.

It has now developed into a crypto-native platform that enables users to easily convert a portion of their paychecks into tokens.

The volume of transactions processed by Juno’s crypto-native banking platform currently exceeds USD 1 billion annually. In the past nine months, during one of the worst bear markets in cryptocurrency, its user base has increased by 10 times. Every third debit card transaction made with a Juno card now involves USDC.

A stablecoin is a type of cryptocurrency that is connected to an existing asset; in the instance of USDC, that asset is the US Dollar. Following the asset they are connected to, stablecoins maintain a steady value. They gain stability as a result, and there are fewer abrupt changes. Therefore, in this case, 1 USDC = 1 USD.

The platform offers a full cycle for currency conversion to USDC, a 4% annual dividend on the same, and a metal MasterCard debit card that customers can use to spend their USDC.

In addition, the startup is introducing its own token. The company said in a statement that it was one of the first coins to be introduced without any allocation for founders, investors, or staff. Due to their prior usage of the Juno platform, more than 75,000 Juno members are already qualified to receive 150 million coins in an airdrop.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.


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