Malaysian stablecoin company BLOX has completed a $1 million seed round financing led by the technology investment division of Singapore-based venture capital fund Kivo Technology. BLOX announced the new funds will be used to expand development of its Malaysia Ringgit (MYR)-backed stablecoin, MYRC.
BLOX funding and MYRC development
BLOX has participated in a domestic blockchain payment proof-of-concept project in Malaysia, exploring blockchain-based local payment scenarios using MYRC. The seed financing is intended to support further development of the MYR-backed stablecoin and related payment use cases in Malaysia.
