Bluejay Finance is a leading capital-efficient decentralized stablecoin protocol for producing stablecoins tied to real-world currencies. The company has raised $2.9 million in funding from a number of investors, including Zee Prime Capital, RNR Capital, Daedalus Angels, C2 Ventures, Stake Capital Group, Oval Ventures, Moonlanding Ventures, and others. Bluejay Finance’s operator angels include DeFi initiatives such as Ribbon Finance, Flux, Voltz, and Alpha Venture DAO.
Bluejay Finance was established in 2021 with the intention of creating a means by which investors in the DeFi market can have access to more stablecoin options centered upon currencies other than the USD. It intends to put its finances toward the development of its team as well as the deployment of stablecoins, with a particular emphasis on Asian stablecoins such as the Singapore Dollar and the Philippine Peso.
These stablecoins will be distributed via partners such as decentralized exchange (DEX) protocols, centralized exchange (CEX) protocols, and fintech organizations. If this is done, investors will be able to benefit from a medium of exchange that is more accessible, well-known in the community, and reduces the risks associated with foreign exchange as well as the fees associated with such transactions.
Crypto-Backed Financial Inclusion In Asia
It is abundantly obvious that there is a pressing need to promote financial inclusion, given that 60% of people residing in Southeast Asia do not have bank accounts or have accounts that are insufficient, and 70% of people employed in Southeast Asia do not have bank accounts. Access to capital for micro, small, and medium-sized enterprises (MSMEs) is frequently hampered by the absence of formal credit history, as well as a general lack of urgency and understanding regarding the possession of a personal savings account. Fortunately, chances have recently shown themselves for Asia. This is because the region has a high mobile penetration rate, which drives a range of financial services and online payments for both individuals and enterprises. These opportunities are now available.
According to Sherry Jiang, founder of Bluejay Finance,
“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.”
Asia-Focused Stablecoins For Financial Empowerment
It’s possible that stablecoins will end up being an important part of the future of financial services in Asia. However, the majority of stablecoin solutions are based on USD and therefore are not appropriate for use in the real world, where transactions are priced in local currencies. Because of this, users do not have the option of having exposure to currencies other than USD in the DeFi sector, which exposes them to additional fees and forces them to utilize currencies they are not familiar with.
Bluejay Finance reduces the obstacle for companies and individuals in these nations to interact and reduces currency exchange risk by having stablecoins of different currencies around the world on the network. This makes payments simpler and access to funding more efficient, which in turn makes Bluejay Finance a more attractive investment option.
Julien Bouteloup, founder of Stake Capital Group, comments,
“Over the course of the past few years, stablecoins have proven to be a fundamental primitive within DeFi. However, most stablecoins have revolved around the US dollar. For crypto to branch into use cases like real-world payments and money markets, it needs to have stablecoins that people in local economies can seamlessly transact with, such as the Euro and Singapore Dollar. Bluejay is positioned to address this need, which will only continue to grow as DeFi matures.”
Capital-Efficient Protocol For Multi-Currency Stablecoins
Bluejay Finance is hard at work developing a capital-efficient protocol for multi-currency stablecoins with an emphasis on the Asian market. The goal is to replicate the foreign exchange market that exists in the fiat world on the blockchain in order to expedite the process of providing everyone, including consumers and businesses, with access to decentralized finance. Investors such as Entrepreneur First and Global Founders Capital participated in the pre-seed stage.
A relationship between Bluejay Finance and Silta Finance, a protocol with an emphasis on sustainable real-world assets, was recently revealed by Bluejay Finance. The company also aims to announce further partnerships in the coming weeks on both its Twitter and Discord forums.
