Juno, the Singapore-based Web3 crypto firm that offers customers checking accounts tied to crypto assets, has raised $18 million in a Series A financing round led by Parafi Capital. The fresh capital follows the startup’s seed round in 2019 when Juno raised $3 million from investors.
Juno Raises $18 Million in a Funding Round Led by Parafi Capital, Crypto Startup Reveals Loyalty Token
The Web3 crypto startup Juno is a digital currency company that provides clients with the ability to create a checking account by leveraging crypto assets. On October 1, it was revealed that the company has raised $18 million in a Series A funding round led by Parafi Capital.
According to the announcement, Juno’s Series A investors also included 6th Man Ventures, Hashed, Sequoia India’s Surge, Greycroft, Jump Crypto, and Uncorrelated Fund. Varun Deshpande, the co-founder and chief executive officer of Juno, told Tech Crunch reporter Manish Singh the firm has “has reached $1 billion in annualized transaction volume processing.”
The company has also launched a new token called JCOIN and Juno airdropped the new ERC20 token to “70k+ Juno users.” The latest funding round’s capital will be used to expand the company’s team and the firm’s loyalty program. JCOIN will be used for “exciting offers, collectibles, and in-app boosts redeemable through JCOIN, only on the Juno Store.”
So far the startup, which was originally started by founders who created the Ethereum lending protocol Nuo, has raised $21 million to date, after the $18 million Series A fundraising and the company’s seed round in 2019. At the time in 2019, the investors that backed Juno included Dragonfly Capital, Polychain Capital, Sequoia Capital, Balaji Srinivasan, and Ryan Selkis.