TechFlow reports, according to Ledger Insights, Japanese stablecoin technology provider GUGroup has raised 420 million yen (approximately $2.9 million). The funding round was led by Japanese investment firm B Dash Ventures, and GUGroup also raised additional capital by selling tokens to several overseas investors.
GUGroup owns GUCoin Studio, a subsidiary offering stablecoin issuance solutions. The company has launched stablecoin pilot programs with three financial institutions: Shikoku Bank, Fukuoka Financial Digital Bank Minna no Bank, and Tokyo Kiraboshi Financial Group. GUGroup is also the initiator of Japan Open Chain, an Ethereum-compatible blockchain. Companies including Sony subsidiary Corgear, NTT Docomo, and Dentsu have joined the network as validator nodes.
