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4 mins read

October 03, 2022

Announcing $18m Series A led by ParaFi Capital

We are also excited to announce the launch of Juno Coin, a tokenized loyalty program only for the community.

Juno provides a checking account for crypto natives to earn, invest and spend both cash and crypto. It aims to build an easy-to-use, trusted, and compliant gateway to crypto and web3. Juno has raised $18m in a Series A round to expand its digital banking product suite and launch the first tokenized loyalty program.

The Series A round was led by ParaFi Capital’s Growth Fund along with participation from Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures and Abstract Ventures. Previously, Juno raised $3m in a seed round from Sequoia India’s Surge, Polychain Capital, Consensys Ventures and Dragonfly Capital.

Juno is also backed by high-profile crypto founders and angel investors including Balaji Srinivasan (ex-CTO of Coinbase) and Surojit Chatterjee (CPO of Coinbase), Ryan Selkis (Founder, Messari), Sandeep Nailwal and Jaynti Kanani (Founders of Polygon), Sriram Krishnan (General Partner, a16z), ​​Venu Palaparthi (President, FTX Capital Markets).

Juno’s Tokenized Loyalty Program

Juno is introducing an ERC20 token as part of a tokenized loyalty program distributed only to verified account holders. It is one of the first tokens launched with no allocation for founders, investors, or employees. Over 75,000 Juno members are already eligible to claim 150 Million Juno coins in airdrop for their previous activities on the Juno platform.

Juno members can earn Juno coins for taking paycheck in crypto or spending crypto with Juno card. Juno coins can be redeemed for discounts, rebates and exclusive access across their partner network.

"Crypto natives in the US are finding existing banks completely inadequate for everyday use of crypto. We are rebuilding a checking account from the ground up with crypto and web3 at its core. Juno empowers members to earn part of their paycheck in crypto and use crypto for everyday transactions like bill payments or buying coffee".

"Earning and using crypto are critical financial primitives for creating and growing a circular crypto economy. Our tokenized loyalty program is meant to further accelerate the growth of this crypto economy".

— Varun Deshpande, Co-Founder and CEO at Juno

"We at ParaFi Capital are glad to partner with the team at Juno. They are one of the very few teams we have come across who deeply understand both fintech and crypto. Seamlessly integrating crypto and web3 in a checking account which is a trusted and familiar interface for millions of Americans can help onboard new users to web3."

"Their empathy towards users new to web3 and passion for creating beautiful crypto-native products with compliance at its core sets them apart. They are creating an entirely new category in neo banking and we are excited to back them."

—Ryan Navi, Principal at ParaFi Capital

About Juno

Juno was founded in 2020 by Varun Deshpande, Ratnesh Ray, and Siddharth Verma. The team had previously created Nuo protocol in 2019, one of the top 5 protocols in DeFi with significant scale. It was shut down in 2020 to pursue a more regulated approach to crypto with Juno.

Juno’s crypto-native banking platform is now processing over $1 Billion in annualized transaction volume, making it the most significant player in this category. Juno has seen a 10x user growth in the last 9 months, during one of the worst bear markets in crypto.

This is primarily driven by Juno's core use cases around using crypto for everyday transactions and easy access to crypto from a checking account. 1 in every 3 debit card spends using Juno card are now in USDC, a stablecoin powered by Circle. Juno also provides direct onramps from a checking account to Layer 2 blockchains like Polygon, Arbitrum, and Optimism for zero fees.

About ParaFi Capital

Founded in 2018, ParaFi Capital is a leading crypto-native digital asset investment and technology firm. ParaFi manages +$1B AUM across digital assets, venture equity, and quantitative strategies.

ParaFi employs a deeply technical approach to investing, leveraging the protocols and infrastructure they invest behind. ParaFi has backed many of the industry's pioneering innovators and protocols including Consensys, the creators of Metamask.

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Juno (CapitalJ Inc.) is a financial technology company, not a bank. Banking services provided by Evolve Bank and Trust, Members FDIC. The Juno card is issued by Evolve Bank and Trust, Member FDIC, pursuant to license by Mastercard International.

Cryptocurrencies are highly speculative in nature, involve a high degree of risk and can rapidly and significantly decrease in value. It is reasonably possible for the value of cryptocurrencies to decrease to zero or near zero. Cryptocurrency held in the Juno Crypto Account is not protected by FDIC insurance or any other government-backed or third party insurance.

© Copyright 2022 Juno by CapitalJ, Inc