Private market exchange ADDX has confirmed that it sold its stake in CYBAVO to US-based Circle Internet Financial Limited as part of Circle’s acquisition of CYBAVO earlier this year.
Taiwan-based CYBAVO is an infrastructure-as-a-service platform providing digital asset custody technology and security services to enterprise customers, such as cryptocurrency exchanges, NFT marketplaces, cryptocurrency wallet providers, and fintech service providers.
CYBAVO’s core product, the CYBAVO VAULT, helps institutions secure and manage their digital assets by eliminating single points of failure through multi-party computation, by implementing a shared risk and responsibility model, and by building custom hardened security stacks, among other measures. To date, CYBAVO’s solution has been used to secure more than 4 million transactions worth over US$35 billion
ADDX was a pre-Series A investor in CYBAVO and held a significant stake. Circle’s agreement to acquire CYBAVO was signed in June and concluded in July.
Danny Toe, Group CEO of ADDX, said, “ADDX was an early CYBAVO shareholder and our belief in the company’s mission and its management team has deepened over time. CYBAVO and ADDX each bring significant value to the ecosystem for blockchain-based financial services, helping companies and market players access the benefits of digital assets in a secure, high-trust environment. This sale to Circle vindicates our assessment that CYBAVO was a valuable startup that had assembled a skilled and experienced team to solve a real problem for customers. With the integration of CYBAVO into Circle, the business that CYBAVO has built is now positioned to make a greater impact globally.”
