Malaysian stablecoin company BLOX has completed a $1 million seed round, according to a report cited by ChainCatcher from Fintechnews. The round was led by Kivo Technology, the technology investment arm under a Singapore venture capital fund. BLOX said the fresh capital will be used to expand development of MYRC, its stablecoin backed by the Malaysian ringgit (MYR). The company has also taken part in a domestic blockchain payment proof-of-concept project in Malaysia, where it has been exploring local payment use cases built on blockchain through MYRC. The financing adds to BLOX’s efforts to build ringgit-based stablecoin infrastructure tied to payment applications in its home market.
Malaysian stablecoin company BLOX has completed a $1 million seed round, ChainCatcher reported, citing Fintechnews. The round was led by Kivo Technology, the technology investment arm under a Singapore venture capital fund.
The company said the new funding will be used to expand development of MYRC, its stablecoin backed by the Malaysian ringgit (MYR).
BLOX has also participated in a domestic blockchain payment proof-of-concept project in Malaysia and has been using MYRC to explore local payment use cases built on blockchain.
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