Juno Raises $18 Million Funding to Expanding Business platform
For the expansion of business Juno raised $18 million. The fund will also be used to?launch its first tokenized loyalty program.?
Juno which is a cryptocurrency-based digital banking company has acquired an $18 million?fund?for the expansion of its business and its first tokenized loyalty program.
The seed rounds were supported by the chief product officer of Coinbase Surojit Chatterjee, including Ryan Selkis of Messari, Sandeep Nailwal and Jaynti Kanani of Polygon, and Sriram Krishnan of a16z. The round was led by ParaFi Capital's Growth Fund. Balaji Srinivasan, a former chief technology officer of Coinbase, and Venu Palaparthi, an executive at FTX were all participants in this round.
Using cryptocurrency in regular transactions is encouraged by the digital banking system Juno. The Juno card is the company's main offering. This card enables usage of Circle's stablecoin USDC for transactions
In order to raise money, Juno is launching a loyalty token called Juno coin (JCOIN). This token will only be given out to people who have confirmed their accounts. A loyalty program will work in the same way as a credit card rewards program. Juno members can earn JCOIN by receiving their salaries in cryptocurrency or making cryptocurrency purchases with their Juno debit card.
Juno CEO and co-founder Varun Deshpande say these institutions are not supporting cryptocurrencies. As per him, the purpose of the loyalty program is to encourage those who are already inclined to use cryptocurrency to fundamentally replace their current financial infrastructure.
Over 75,000 U.S. users of the firm, which has been operating for one and a half years, receive all or part of their paychecks in cryptocurrency and regularly invest in digital assets each month.
Customers may use the startup's Mastercard-powered debit card to spend cryptocurrency or traditional currency, pay their bills, and effortlessly transfer money between traditional banks if they so choose. Additionally, Juno provides free direct onramps to layer 2 blockchains like Polygon, Arbitrum, and Optimism for consumers with bank accounts.
CBW - External Analyst