Crypto banking firm Juno lands $18m Series A, launches loyalty token

Singapore-based crypto banking firm Juno has raised $18 million in a Series A funding round and launched a loyalty token, JCOIN.

Juno lands $18m Series A

The company will use the latest funding to expand and develop its product suite and operations, CoinDesk reports, and support the launch of its loyalty token, Juno coin (JCOIN), available to verified account holders.

The JCOIN token loyalty programme is designed to incentivise those already open to the idea of using crypto and will act in much the same way as a credit card rewards programme, the firm says.

The Series A funding round, which was led by ParaFi Capital’s Growth Fund, saw participation from high-profile angel investors including Coinbase chief product officer (CPO) Surojit Chatterjee, Messari’s Ryan Selkis, Polygon’s Sandeep Nailwal and Jaynti Kanani, and a16z’s Sriram Krishnan.

Seed round backer included former Coinbase chief technology officer (CTO) Balaji Srinivasan and FTX’s ​​Venu Palaparthi.

Talking to CoinDesk, Juno CEO and co-founder Varun Deshpande says: “Earning and using crypto are critical financial primitives for creating and growing a circular crypto economy. Our tokenised loyalty program is meant to further accelerate the growth of this crypto economy.”