Crypto payments app Juno acquires music NFT platform Swaraj Labs
Swaraj Labs will lead Juno's global expansion charter, as per a source familiar with the development.
US-based crypto payments app Juno has acquired Indian music NFT platform (previously known as Humit).
"After months of conversations with Juno’s leadership, we are stoked to finally join their fold in building the most powerful checking account globally," said Prithvi Sankar, Co-founder of Swaraj Labs, in a post on LinkedIn.
Humit, which was renamed Swaraj Labs, was founded in 2021 by Sankar, along with Rohit Ganapathy, Ishaan Negi, Pradyunn Awasthi, and Rishi Bradoo. The company helps artists use Web3 technologies to make and distribute their art.
Music on blockchain: How The Swaraj Projekt is helping indie artistes earn through NFTs
"Last 2 years has been a ride like none other; and I feel lucky and privileged to have had a chance to go through the full cycle of company building, failing, pivoting, and exiting," said Sankar.
According to a source familiar with the development, Swaraj Labs will lead Juno's global expansion charter.
YourStory has sent queries to Juno. This story will be updated as and when we receive a response.
Last year, Juno raised $18 million in a Series A round led by ParaFi Capital’s Growth Fund. Marquee investors Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, and Abstract Ventures also participated in the round. At that time, the company said it would use the funds to expand its digital banking offerings and its tokenised loyalty programme.
Juno is a cross-border neobank that provides users with an FDIC insured high-yield account. It is the second venture of founders Varun Deshpande, Ratnesh Ray, and Siddharth Verma. Their first company BeeWise was acquired by Aditya Birla Money.
Antler is an investor in both Juno and Swaraj Labs.
Edited by Swetha Kannan