Crypto Bank Juno Raises $18M In Series A Funding Round: Debuts Juno Coin
- Juno has successfully raised around $18 million in a new Series A funding round and will use the funds to expand its services and products as well.
- The round was led by ParaFi Capital’s Growth Fund and Coinbase Chief Product Officer Surojit Chatterjee, Messari’s Ryan Selkis, Polygon’s Sandeep Nailwal and Jaynti Kanani, and a16z’s Sriram Krishnan also participated.
- As a part of the fundraising, Juno is also introducing a new loyalty token called the Juno Coin (JCOIN).
Crypto banking platform Juno has successfully raised around $18 million in a new Series A funding round and will use the funds to expand its services and products as well. The crypto market downturn has not deterred crypto platforms from raising funds, and investors are also doubling down on the promising technology in anticipation of gains that will come from wider adoption of blockchain and the crypto space.
According to a report, the funding round has been confirmed by the crypto banking platform and Juno has also successfully kicked off a new tokenized loyalty program, confiming a remarkable expansion in operations as well.
“We think these banks are not crypto friendly,” Varun Deshpande, the CEO and co-founder of Juno told CoinDesk. The aim of the loyalty program, he said, will be “to incentivize those already predisposed to using crypto to fundamentally replace their traditional banking stack.”
The funding round can be tied to many investors in the crypto space with positive reputations including ParaFi Capital’s Growth Fund, and other well-known personalities in the crypto space like Coinbase Chief Product Officer Surojit Chatterjee, Messari’s Ryan Selkis, Polygon’s Sandeep Nailwal and Jaynti Kanani, and a16z’s Sriram Krishnan. The round was led by ParaFi Capital’s Growth Fund pointed out the report.
Juno is a crypto banking platform which encourages users to spend crypto on everyday transactions and therefore, has incentivized the whole process as well. The flagship project of the firm is the Juno card which can be used for transactions via Circle’s stablecoin called USDC.
Interestingly, the report also added that as a part of the fundraising, Juno is also introducing a new loyalty token called the Juno Coin (JCOIN) which will only be distributed to verified account users and it is crucial to note that members can earn JCOIN for taking their paychecks in crypto along with spending crypto with their Juno debit card.
“Earning and using crypto are critical financial primitives for creating and growing a circular crypto economy. Our tokenized loyalty program is meant to further accelerate the growth of this crypto economy,”added Deshpande.
Juno is not the only crypto firm to raise funds recently as Web3 firewall provider Blowfish also emerged from the darkness and successfully raised $11.8 million in a funding round led by Paradigm, a prominent crypto investment firm. Other firms which form an important part of the investment round were Dragonfly Capital, Uniswap Lab Ventures, Hypersphere and 0xLabs, according to a company blog post.
“Blowfish has helped us protect thousands of our users from malicious scams & fraud. We’ve partnered with them because we trust their ability to continue building a great product that stays one step ahead of scammers,”said Francesco Agosti, chief technology officer and co-founder of Phantom.