CYBAVO Secures $4 Million in Latest Funding Round
Singapore-based blockchain security firm CYBAVO recently revealed it has received $4 million in funds after finishing a Pre-Series A funding round back in June. The latest investment round was led by global capital venture firm 500 Startups, Taiwan’s H&D Asset Management Company, as well as New Economy Ventures. New funds were also received from a number of investors throughout Southeast Asia.
According to representatives of CYBAVO, the new investment funds will be used primarily to gain traction in new territories across the globe, as well as product development.
“The company intends to use the latest funding to fuel expansion in the East Asian, European, and North American markets,” says Paul Fan, CEO of CYBAVO. “The funds will also be used for continued investment in the research and development of cybersecurity and blockchain technology, and to further raise the level of customer and product satisfaction.”
The demand for cryptocurrencies has exploded over the last two years, notably with Bitcoin shattering records and currently sitting at nearly $50,000 per coin. What was once a theoretical payment system has now become completely legitimized, emphasizing the need for customers to have their digital assets protected and secured. To maintain secure use, CYBAVO has developed a number of intuitive crypto solutions, such as digital wallets and exchange programs, to ensure digital assets are never compromised.
“We are optimistic about the future growth and development of digital assets and blockchain technology and we are particularly interested in partnering with technology companies that can provide infrastructure for crypto assets.” commented Managing Partner at New Economy Ventures Ethan Tsai said, “We believe CYBAVO can leverage its long-term technical and talent advantage in cybersecurity to address the huge market potential of "real assets to crypto assets".”
Edited by Maurice Nagle
