Singaporean multi-currency stablecoin protocol Bluejay Finance secures $2.9 million in funding

Bluejay Finance, a Singapore-based capital-efficient decentralized stablecoin protocol for issuing real-world currency-pegged stablecoins, announced on Wednesday that it had raised $2.9 million in funds.

Funding came from Zee Prime Capital, C2 Ventures, Stake Capital Group, RNR Capital, Daedalus Angels, Moonlanding Ventures, Oval Ventures and others, with operator angels including DeFi projects such as Ribbon Finance, Flux, Voltz and Alpha Venture Dao. Bluejay Finance said in a statement.

Founded in 2021, Bluejay Finance aims to provide investors with a way to have more stable coin solutions focused on currencies other than USD in the DeFi space.

It plans to use its funds for team development and stablecoin deployment, focusing on Asian stablecoins such as the Singapore dollar and Philippine peso, and trading them through partners such as DeFi protocols, decentralized exchanges, centralized exchanges, and fintech companies will be distributed.

This gives investors a more inclusive, locally trusted medium of exchange that limits exchange rate risk and exchange fees.

With 60 percent of Southeast Asians unbanked or unbanked and 70 percent of the Southeast Asian workforce unbanked, Bluejay Finance said there is a clear need to prioritize financial inclusion.

According to Bluejay Finance, there is a lack of formal credit standing that hampers access to capital for micro, small and medium-sized enterprises (MSMEs) and a general lack of urgency and awareness of owning a personal savings account.

Fortunately, Asia has seen new opportunities of late thanks to the region’s strong mobile penetration, which is driving a variety of financial services and payment gateways for individuals and businesses.

According to Bluejay Finance, stablecoins can play a significant role in the future of financial services in Asia. However, most stablecoin solutions focus on USD and are not suitable for real-world use when transactions are denominated in local currencies; This means that users have no choice in being exposed to currencies other than USD in the DeFi space, exposing users to additional costs and forcing them to use an unknown currency.

By having stablecoins of different currencies around the world on the blockchain, Bluejay Finance lowers the transaction barrier for companies and individuals in these countries and minimizes exchange rate risk, making payments and access to capital easier and more efficient.

“The DeFi summer was the first wave of innovation driven by yield farming. Despite the current state of the market, we are incredibly optimistic that the next cycle will be fueled by sustainable, real-world use cases that solve a real need. As such, Bluejay remains focused on building products and partnerships that will enable these sustainable use cases of stablecoins and will bring the next billion users to DeFi,” said Sherry Jiang, Founder of Bluejay Finance.

Stake Capital Group founder Julien Bouteloup said that stablecoins have emerged as fundamental primitives within DeFi over the past few years.

“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 seamlessly do business with, such as B. the euro and the Singapore dollar. Bluejay is positioned to meet this need, which will continue to grow as DeFi matures,” he added.

Recently, Bluejay Finance announced its partnership with Silta Finance, a protocol focused on real-world sustainable assets, and plans to announce more partnerships on both its Twitter and Discord communities in the coming weeks.

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