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Wednesday, April 24, 2024

Neo-banking crypto startup Juno to bolster its US team with $18M funding

Neo-banking crypto startup Juno has secured $18 million in  funding. The company will use the money to bolster its US team across functions of compliance, regulation and marketing, among other things.

As a part of its latest round of funding, Neo-banking crypto startup Juno has secured $18 million. The round was headed by crypto-native investment company,ParaFi Capital’s Growth Fund.

Jump Crypto, Hashed, Uncorrelated Fund, Mithril, Greycroft, Antler Global, Abstract Ventures, and 6th Man Ventures  also took part  in the round.

Juno, a neo-banking platform founded in 2019 by Varun Deshpande, Ratnesh Ray, and Siddharth Verma, offers a checking account to crypto native consumers.

Customers may deposit money into its checking account and pay with its debit card, which it offers in collaboration with Evolve Bank and Mastercard.

Users of Juno’s checking account may also use the debit card to make real-world bitcoin payments. It presently exclusively services consumers in the United States and allows users to make online and offline payments using the digital stablecoin USD Coin (USDC).

Every month, Juno’s platform handles $100 million in total payment value (TPV). This includes deposits, withdrawals, and payments in USDC.

For its consumers, the corporation is also developing its own cryptocurrency, Juno Coin, which can be used to raise checking account interest rates or cash back limitations. Juno also provides Juno Pay, a cryptocurrency payment gateway that streamlines the bitcoin purchase process for customers while also accepting CashApp and Venmo.

“We plan to increase our tokenised loyalty in two ways. The first is to make a financial contribution to our community in order to help it flourish, and the second is to use Juno Pay. We will establish a Juno Coin partner network as well as a ledger where individuals will be able to burn it. In the next 12 months, we plan to raise our KPIs tenfold,” Juno co-founder and CEO Varun Deshpande declared.

Juno Pay has already executed 100,000 transactions in just three months of operation. Currently, the company makes money for every online or offline transaction performed with its debit card.

Ryan Navi, principal at ParaFi Capital stated, “We are excited to be joining the Juno team. They are one of the few teams we have come across that is knowledgeable in both finance and cryptocurrency. Integrating crypto and web3 into a bank account, which is a trusted and familiar interface for millions of Americans, can aid in web3 adoption.”

The company intends to expand its platform to 1 million customers and handle $1 billion in TPV on its platform over the next 12 months.


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