Bluejay Finance: Our First Funding Round

The last few months have not been the most optimistic for us in the industry; and yet, despite market volatility, a lot of us reallocated our resources sufficiently and continued to build towards our north star. We at Bluejay Finance are grateful for all the opportunities and partnerships we were provided during these times.

We are pleased to announce that Bluejay Finance has successfully raised $2.9M in funding from Zee Prime Capital, C2 Ventures, Stake Capital Group, RNR Capital, Daedalus Angels, Moonlanding Ventures, Oval Ventures, and more, with operator-angels including DeFi projects like Ribbon Finance, Flux, Voltz, and Alpha Venture Dao.

With our first funding, we aim to build an avenue for investors to have more stablecoin solutions centered around currencies other than USD in the DeFi space. We plan to use these funds for team development and stablecoin deployment, focusing on Asian stablecoins, such as the Singapore Dollar and the Philippine Peso, and have plans to distribute them through partners like DeFi protocols, decentralized exchanges, centralized exchanges, and fintech companies. In doing so, we allow investors to have a more inclusive, locally-familiar medium of exchange that limits foreign exchange risk and exchange fees.

Our ongoing mission to highlight financial inclusion in Asia

With 60 percent of Southeast Asians being underbanked or unbanked, and 70 percent of the Southeast Asian workforce lacking in bank accounts, we believe in having a clear need to prioritize financial inclusion. Often, there’s been a lack of formal credit history hindering access to capital for micro, small, and medium enterprises (MSMEs), and a general lack of urgency and awareness around possessing a personal savings account.

Fortunately, there have been recent opportunities for Asia, thanks to the region’s strong mobile penetration driving a variety of financial services and payment gateways for both individuals and businesses.

Our focus on launching Asia-focused stablecoins

We firmly believe stablecoins can play a meaningful role in the future of financial services in Asia. However, we’ve noticed that most stablecoin solutions are centered around USD and are not suitable for real world usage where transactions are denominated in local currencies; this means that users do not have a choice of having exposure to currencies other than USD in the DeFi space, which exposes users to extra costs, forcing them to use unfamiliar currency.

By having stablecoins of different currencies around the world on the blockchain, Bluejay Finance lowers the barrier for businesses and individuals in these countries to transact and minimizes currency exchange risk, making payments and access to capital easier and more efficient.

Our next steps

DeFi summer was the first wave of innovation, driven by yield farming. Despite the current state of the markets right now, we are incredibly bullish that the next cycle will be driven by sustainable, real use cases that solve a true need. Therefore, Bluejay remains focused on building products and partnerships that will enable these sustainable use cases of stablecoins and bring in the next billion users into DeFi.

Recently, we’ve announced our partnership with Silta Finance, a protocol focused on sustainable real world assets, and we are in the works to announce more partnerships in the coming weeks on both our Twitter and Discord communities.

What’s Next

In the coming weeks, you will be hearing from the team:

• Partnership Announcements
• Whitelist Announcements
• Launch Announcements

In the meanwhile, there are multiple ways you can be part of the non-USD stablecoin growth story by:

• Participating in our Testnet (guide)
• Following our Twitter account (@bluejayfinance)
• Joining our community on Discord
• Subscribing to us on Medium