Circle, a peer-to-peer financial services company, has agreed to buy Cybavo, a platform for managing digital assets. Circle will be able to give “infrastructure as a service” to companies who wish to develop on Web3.

In specific, developers won’t have to worry about digital asset protection, operations, or blockchain infrastructure administration while working on their projects. Circle and CYBAVO seek to boost the use of USD Coin (USDC) and Web3 apps while extensively integrating technology into their core product portfolio.

Circle also intends to develop and run CYBAVO’s goods and services while incorporating them into Circle’s new product pillar. Cybavo is a Taiwanese start-up that was founded in 2018 and recently secured $4 million in a seed round. Cybavo’s research and development will be supported by Circle, as well as its goods and services.

“Circle and CYBAVO share similar operational principles and objectives,” stated Paul Fan, co-founder and CEO of Cybavo. “We are aligned in the idea that the market for Web3 apps will “cross the gap” over the next several years, developing into large consumer and enterprise-scale applications.”

Circle reportedly unveiled the “strategic acquisition,” which aims to accelerate the adoption of USDC and Web3 technologies while also upgrading existing product offerings and creating a new “Crypto Platform Services” category at Circle.

The payments company’s function in the ecosystem, according to the company, has been to connect the old financial system with Web3 apps, adding:

“We believe the future is a more open platform for financial services that seamlessly connects these two worlds, with more core applications and services built on crypto and blockchain infrastructure,” says the company. However, Circle did not reveal the specifics of the transaction.

The USDC stablecoin was launched in 2018 and is the second-largest stablecoin after Tether (USDT), with a market capitalization of roughly $53.8 billion and the fifth-largest digital asset by value.

Circle just secured $400 million in a fundraising round led by American investment giant BlackRock, financial advice firm Fidelity Management and Research, and London-based hedge funds Marshall Wace and Fin Capital. As demand for the digital currency based on the US dollar develops, the financing round will aid Circle’s expansion.