JPYC Closes $38M Series B Extension, Eyes Expansion
Japanese yen stablecoin issuer JPYC has closed an extension of its Series B funding round, bringing the cumulative total to approximately 6 billion yen ($38 million). The company announced on Wednesday that Japanese logistics group AZ-COM Maruwa Holdings had joined the round as a new investor. JPYC stated it would use the funds to expand its financial and Web3 ecosystem and accelerate the adoption of its yen-pegged stablecoin.
The exact amount raised through the extension and the size of AZ-COM's investment were not disclosed by JPYC. However, the round's cumulative total increased by about 1 billion yen from approximately 5 billion yen announced in May.
On July 20, Nikkei reported that AZ-COM was considering investing over 1 billion yen in JPYC and exploring the use of the stablecoin to pay around 2,300 delivery partners and contractors. However, Cointelegraph had not received a response from JPYC regarding the investment and partnership by publication.