JPYC raises Series B funding to $38M for yen-backed stablecoin expansion

JPYC raises Series B funding to $38M for yen-backed stablecoin expansion

The company intends to deploy fresh funding toward growing its Web3 and financial infrastructure while driving wider usage of its Japanese yen stablecoin.

JPYC, the firm behind a Japanese yen-pegged stablecoin, has finalized an extension to its Series B fundraising round, pushing the total amount raised in the round to approximately 6 billion yen ($38 million).

The company announced Wednesday that AZ-COM Maruwa Holdings, a Japanese logistics group, has entered the funding round as a fresh investor. According to JPYC, the newly raised capital will be allocated toward expanding its Web3 and financial ecosystem while driving increased adoption of its stablecoin pegged to the Japanese yen.

The company did not reveal the specific sum secured through the extension or the precise value of AZ-COM's investment. The round's overall total, however, grew by approximately 1 billion yen from the roughly 5 billion yen figure that was announced in May. The company also withheld financial details regarding the capital and business alliance between the two firms.

According to a Nikkei report from July 20, AZ-COM was evaluating an investment exceeding 1 billion yen in JPYC. The logistics company was examining potential use cases for the stablecoin, including payments to approximately 2,300 delivery partners and contractors.

Cointelegraph reached out to JPYC seeking additional information about the investment and the partnership's intended use cases but did not receive a response before publication.

In Wednesday's announcement, JPYC stated that integrating its stablecoin with AZ-COM's logistics operations could facilitate onchain finance that brings together commercial, logistics and payment flows.