As it expands its offerings to include a tokenized loyalty program it has raised a new funding round.
Over 75% of the customers of the one-and-a-half-year old startup are in the U.S.
Customers can use the startup's Mastercard-powered debit card to make bill payments and move funds to and from traditional banks if they so choose. Direct onramps to customers from a checking account are offered by the company.
The eponymous platform integrates with all popular payroll platforms in the U.S., making it easier for customers who are long term believers incryptocurrencies to keep doubling down on their bets without having to worry about manually moving funds to different exchanges It also allows customers to automate tax reporting, freeing them from having to manually sift through transactions.
The company has raised $18 million in a financing round. The funding was led by ParaFi Capital's Growth Fund and was supported by a number of backers.
The company has reached $1 billion in transaction volume processing, and is backed by a number of companies.
Existing banks in the US are not adequate for everyday use of tHe digital currency. A checking account is being rebuilt from the ground up. He said that he gave members the power to earn part of their paycheck incryptocurrencies and use it for everyday transactions.
The app is called the eponymous one.
After raising $3 million in seed funding last year, the company is ready for a loyalty program. JCOIN is a token that will reward customers based on their usage. In contrast to how a lot of industry players operate, the co-founders, employees and investors are not taking any allocation in the token to avoid conflict of interest.
The distribution of token to team members creates incentives that are not in line with reality. Being a market participant with privileged information can cause distrust in the community.
The exit path for our company's success is developing successful products and the path for our investors and team is an IPO.
On Friday, Juno took a snapshot of customers usage and created 150 million token that they can use. Customers get access to a token every dollar spent on the platform. Customers will have to spend more money to get the same amount of rewards.
The startup is located in India and is part of a growing wave of firms that are building for the global market. The Nuo protocol was worked on by Deshpande and other co- founders. Two years later, they stopped using the protocol to build something that was compliant with the regulatory environment.
Juno has a team that is very knowledgeable about both the financial services industry and the digital currency. "Integrating web3 with a checking account which is a trusted and familiar interface for millions of Americans can help onboard new users to web3."
Their passion for creating beautiful products with compliance at its core makes them different. They are creating a new category in neo banking, and we are excited to support them.
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