Singapore based crypto digital banking firm Juno has successfully raised $18 million in a Series A financing round.
The firm that offers checking accounts tied to cryptocurrencies has also launched new ERC20 token called JCOIN and will use the new capital to expand on its team and operations. According to the announcement, the bank will start its tokenized loyalty program which will allow the JCOIN to be used for “exciting offers, collectibles, and in-app boosts redeemable through JCOIN, only on the Juno Store.”
This funding round was led by ParaFi Capital’s Growth Fund, with participation from crypto industry veterans, including Coinbase Chief Product Officer Surojit Chatterjee, a16z’s Sriram Krishnan, Messari’s Ryan Selkis and Polygon’s Sandeep Nailwal and Jaynti Kanani, and a16z’s Sriram Krishnan. Investors included 6th Man Ventures, Hashed, Sequoia India’s Surge, Greycroft, Jump Crypto, and Uncorrelated Fund.
In 2019, Juno, founded by the creators of Ethereum lending protocol Nuo, raised $3 million in a seed round to pursue its ambitions of crypto friendly banking.