Asia-focused Multi-currency Stablecoin Protocol, Bluejay Finance, Raises USD 2.9M in Funding

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Singapore, Singapore, 20th July, 2022, Chainwire

Bluejay Finance, a capital-eff icient decentralized stablecoin protocol for issuing stablecoins pegged to real-world currencies, has raised USD 2.9M in funding from Zee Prime Capital, C2 Ventures, Stake Capital Group, RNR Capital, Daedalus Angels, Moonlanding Ventures, Oval Ventures, and more, with operator-angels including DeFi projects like Ribbon Finance, Flux, Voltz, and Alpha Venture Dao. 

Founded in 2021, Bluejay Finance aims to build an avenue for investors to have more stablecoin solutions centered around 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 the Philippine Peso, and will distribute them through partners like DeFi protocols, decentralized exchanges, centralized exchanges, and fintech companies. In doing so, this will allow investors to have a more inclusive, locally-familiar medium of exchange that limits foreign exchange risk and exchange fees. 

With 60 percent of Southeast Asians being underbanked or unbanked, and 70 percent of Southeast Asian workforce lacking in bank accounts, there’s a clear need to prioritize financial inclusion. Often, there’s been a lack of formal credit history hindering access to capital for MSMEs, and a general lack of urgency and awareness around possessing a personal savings account. 

Fortunately, there have been recent opportunities for Asia, thanks to the region’s strong mobile penetration driving a variety of financial services and payment gateways for both individuals and businesses. 

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