No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Decentralized multi-currency stablecoin protocol, Bluejay Finance has raised $ 2.9 million from C2 Ventures, Zee Prime Capital, Stake Capital Group, Daedalus Angels, RNR Capital and other DeFi projects such as Voltz and Flux.
The DeFi stablecoin protocol aims to create a means for developing more capital efficient stablecoin solutions, backed by protocol owned liquidity and centered on fiat currencies other than the US dollar.
Bluejay will use the funds to develop a strong team and deploy stablecoins focused on Singapore dollars, Philippine pesos, and other Asian stablecoins. The stable coin prices will be pegged through a bonding mechanism to an external oracle.
Bonding is a process to allow Bluejay to acquire its own liquidity and reserve assets (ie DAI) and bring stablecoins to the peg by selling BLU at a discount. There are two main types of bonds on Bluejay, treasury bonds, and stabilizing bonds.
Bluejay has focus on the clear need to prioritize decentralized multi-currency, they believe having a stable coins other then USD helps to limit the short falls of transactions between businesses and individuals. At least, two-thirds of Southeast Asians do not have a bank account. These facts indicate a clear need to prioritize financial inclusion on the world’s largest continent.
Currently, most stablecoin solutions that can be used to improve financial services are centered around the US dollar and are not applicable in Asia.
Bluejay lowers the barriers for individuals and businesses in these countries to trade by offering stablecoins in different currencies based on the blockchain. This also minimizes foreign exchange risk and makes access to capital and payments easier and more efficient.
Sherry Jiang, founder of Bluejay Finance, commented:
DeFi’s summer was the first wave of innovation driven by high-yielding agriculture. Despite the current market conditions, it is very bullish that the next cycle will be driven by sustainable real-world use cases that solve real needs. Therefore, Bluejay continues to focus on building products and partnerships that enable these sustainable use cases for Stablecoin and attract the next billion users to DeFi.
Recently, Bluejay Finance and Silta Finance announced a partnership. Silta Finance is a protocol focused on sustainable real-world assets.
