Quick take:
- The fundraising also attracted participation from Valor Capital Group, Coinbase Ventures, Norte Ventures, Paxos, and Ed Wible, co-founder of Nubank.
- As a part of the deal, Wible is also joining Crown’s board.
- Unlike other stablecoins like Circle’s USDC, BRLV shares its revenue with institutional partners, distributing a portion of the yield from government bond holdings.
Crown, a Brazilian fintech from São Paulo, has raised $8.1 million in a seed round led by Framework Ventures, with participation from Valor Capital Group, Coinbase Ventures, Norte Ventures, Paxos, and Ed Wible, co-founder of Nubank. As a part of the deal, Wible is also joining Crown’s board.
According to the report by Blockworks, the company plans to use the capital to accelerate product development and market expansion. Crown is developing BRLV, a Brazilian real-pegged stablecoin, fully backed by government bonds.
The company describes its product as unique from the likes of Circle’s USDC, as it offers to share revenue with institutional partners, distributing a portion of the yield from government bond holdings.
Commenting on the announcement, CEO John Delaney said BRLV’s structure makes it “both safer and fairer,” as it gives partners access to the Brazilian real’s high-interest environment through a transparent, regulated model.
Framework Ventures’ Vance Spencer believes BRLV’s model could make Crown the “Circle of Brazil.”
The announcement comes amid rising interest in stablecoins, fueled by developments in the U.S. following the signing into law of the GENIUS Act, which seeks to provide clarity on digital assets pegged to fiat currencies, while providing guidelines for traditional banks looking to integrate crypto into their systems.
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