Japanese Stablecoin Tech Provider GUGroup Raises $2.9 Million

According to Foresight News, Japanese stablecoin technology provider GUGroup has completed a JPY 420 million ($2.9 million) funding round, with participation from Japanese investment firm B Dash Ventures. GUGroup also raised a portion of the funds by selling tokens to some overseas investors. GUGroup owns a subsidiary called GUCoin Studio, which offers stablecoin issuance solutions. The company has already launched stablecoin pilot projects with three financial institutions: Shikoku Bank, Fukuoka Financial Digital Bank Minna no Bank, and Tokyo Kiraboshi Financial Group. Additionally, GUGroup is the initiator of the Ethereum-compatible chain Japan Open Chain, which has attracted companies such as Sony subsidiary Corgear, NTT Docomo, and Dentsu to join the blockchain as validator nodes.