Cryptocurrency Digital Bank Juno Raises $18M In Series A And Launches Native Tokens
Cryptocurrency checking account provider Juno has raised $18 million in Series A funding and launched its native token, JCOIN, as part of its encrypted loyalty program and is offering airdrop tokens to existing users.
Cryptocurrency digital banking company Juno has raised $18 million in a Series A funding round to expand its products and operations.
The company also launched its native token, JCOIN to also launch its first encrypted loyalty program. JCOIN will only be distributed to verified account holders. Juno members can earn JCOIN for receiving salary in crypto or spending crypto with their Juno debit card.
“We think these banks are not crypto friendly,” Varun Deshpande, the CEO and co-founder of Juno told CoinDesk. The aim of the loyalty program, he said, is to incentivize those already predisposed to using crypto to fundamentally replace their traditional banking stack.
The round was led by ParaFi Capital, with participation from Hashed funds, Jump Crypto, Irregular Funds, Greycroft and 6th Man Ventures, and well-known community figures such as Coinbase Product Manager Surojit Chatterjee, Ryan Messari’s Selkis, Polygon’s Sandeep Nailwal and Jaynti Kanani, and a16z’s Sriram Krishnan.
Juno is a digital banking platform that encourages users to spend crypto in their everyday transactions. Its flagship product is the Juno card, where users can transact with Circle’s stablecoin USDC.
As for geographical expansion, Cryptocurrency Digital Bank plans to continue to focus on the U.S. market “for the foreseeable future,” said Deshpande. Still, he added, “We are excited about potentially launching in Latin America.”
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