BENGALURU: Neo bank Juno has raised $3 million (about Rs 21 crore) in a seed round led by Polychain Capital and Sequoia Capital’s Surge. This is Sequoia Capital’s first investment in the cryptocurrency segment which has been lagging in terms of venture capital infusion due to lack of regulations.

The round also saw participation from Dragonfly Capital, Consensys Labs, Astarc Ventures, Singapore Angel Network and other angel investors including Amrish Rau and Jitendra Gupta (CEO, PayU India) and Nitin Sharma from Incrypt.

Juno was founded in July this year by Varun Deshpande, Ratnesh Ray and Siddharth Verma, who also created the Consensys-backed Nuo protocol in 2018.

“We will be using the funds to expand our team in Bengaluru and Singapore and also apply for relevant licences in select markets to expand,” Deshpande told ET.

Juno, which has been built using Ethereum blockchain and Nuo protocol, leverages decentralised digital assets. It aims to create an open and global financial system for everyone, regardless of location or income.

It plans to onboard customers with a 5.5% annual interest on their savings, with no lock-in or hidden fees. Clients will also be able to send and receive money anywhere in the world without intermediaries and at no cost.

Additionally, the company plans to introduce a debit card in partnership with a bank in the future. Juno, which enables decentralised lending and borrowing of digital assets, is eyeing high yield on stablecoins such as USDC.


READ  Uber holds gender sensitisation workshops for its drivers in Chennai


Please enter your comment!
Please enter your name here