Japanese stablecoin technology provider GUGroup has completed a $2.9 million financing round, with participation from B Dash Ventures

According to ChainCatcher news and Ledger Insights, Japanese stablecoin technology provider GUGroup has completed a funding round of 420 million yen (approximately 2.9 million USD), with participation from Japanese investment firm B Dash Ventures. GUGroup also raised part of the funds by selling tokens to some overseas investors.

GUGroup owns a stablecoin issuance solution subsidiary, GUCoin Studio, which has launched stablecoin pilot projects with three financial institutions: Shikoku Bank, Fukuoka Financial Digital Bank Minna no Bank, and Tokyo Kiraboshi Financial Group. GUGroup is also the initiator of the Ethereum-compatible chain Japan Open Chain, which has seen companies such as Sony subsidiary Corgear, NTT Docomo, and Dentsu join the blockchain as validator nodes.