Japanese yen stablecoin issuer JPYC has completed an extension of its Series B funding round, bringing the round’s cumulative total to about 6 billion yen ($38 million).
On Wednesday, the company said Japanese logistics group AZ-COM Maruwa Holdings joined the round as a new investor. JPYC said it plans to use the proceeds to expand its financial and Web3 ecosystem and accelerate the adoption of its yen-pegged stablecoin.
JPYC did not disclose the exact amount raised through the extension or the size of AZ-COM’s investment. However, the round’s cumulative total increased by about 1 billion yen from about 5 billion yen announced in May. It also did not provide financial terms for the companies’ capital and business alliance.
On July 20, Nikkei reported that AZ-COM was considering investing more than 1 billion yen in JPYC. AZ-COM was exploring the use of the stablecoin to pay about 2,300 delivery partners and contractors.
Cointelegraph contacted JPYC for details about the investment and the partnership’s planned applications but had not received a response by publication.
JPYC said Wednesday that combining its stablecoin with AZ-COM’s logistics network could support onchain finance integrating commercial, logistics and payment flows.
Related: Japan stablecoin payments advance with Lawson trial, Netstars launch
