ADDX was a pre-Series A investor in CYBAVO and held a significant stake. Details of the transaction was not disclosed.
This deal is a part of Circle’s plans to acquire CYBAVO which was signed in June and concluded in July.
CYBAVO is an infrastructure-as-a-service platform providing digital asset custody technology and security services to enterprise customers, such as cryptocurrency exchanges, NFT marketplaces, cryptocurrency wallet providers, and fintech service providers.
To date, CYBAVO’s solution has reportedly been used to secure more than 4 million transactions worth over US$35 billion.
Danny Toe, Group CEO of ADDX said,
“CYBAVO and ADDX each bring significant value to the ecosystem for blockchain-based financial services, helping companies and market players access the benefits of digital assets in a secure, high-trust environment.
This sale to Circle vindicates our assessment that CYBAVO was a valuable startup that had assembled a skilled and experienced team to solve a real problem for customers.”
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