Bluejay Finance raised $2.9M in funding from C2 Ventures, Zee Prime Capital, Stake Capital Group, Daedalus Angels, RNR Capital, etc. and DeFi projects like Voltz and Flux, Coin Journal learned from a press release.
Diversifying stablecoin backing
The decentralized stablecoin protocol aims to create an avenue to develop more stablecoin solutions centered around fiat currencies other than the US dollar.
Bluejay intends to use its funds to develop its team and deploy stablecoins with a focus on the Singaporean dollar, the Philippine Peso, and other Asian stablecoins.
A clear need to prioritize financial inclusion
70% of the members of Southeast Asia’s working population have no bank accounts and almost two-thirds of Southeast Asians are underbanked or unbanked. These facts point to a clear need to prioritize financial inclusion on the world’s largest continent.
At present, most stablecoin solutions that can be used to improve financial services are not applicable in Asia because they are centered on the USD.
Bluejay will lower the barrier for individuals and companies in these countries to transact by having stablecoins of different currencies based on the blockchain. This will also minimize currency exchange risk, making access to capital and payments easier and more efficient.
Sherry Jiang, founder of Bluejay Finance, commented:
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.
Stake Capital Group founder Julien Bouteloup added:
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.
Recently, Bluejay Finance and Silta Finance announced a partnership. Silta Finance is a protocol focused on sustainable real world assets. Bluejay has further partnerships in the works, which they’ll announce on their Twitter and Discord communities in the next few weeks.