Malaysian fintech BLOX has raised US$1 million in seed funding to expand its ringgit-backed stablecoin MYRC.
The round was led by Kivo Technology, the technology investment arm of a Singapore-based venture fund, with participation from new and existing investors.
BLOX plans to use the funding to grow MYRC, develop products for businesses and institutions, support regulatory engagement and fund its broader expansion.
The company reported that cumulative transaction volume for MYRC increased more than 33-fold over the past 12 months.
BLOX previously demonstrated MYRC as part of a proof of concept for domestic blockchain payments.
BLOX CEO Ethan Chung said,
“As digital assets become an increasingly important part of the global financial system, we remain focused on building trusted, compliant infrastructure that enables businesses and consumers to transact more efficiently while maintaining the highest standards of governance.”
Founded in Malaysia, BLOX develops digital asset infrastructure and provides access to stablecoins and tokenised financial products.
The company participates in the PayNet Fintech Hub and was among 10 fintechs selected for the PayNet Catalyst Programme, which included an immersion programme at Imperial College London in 2025.
BLOX said in a statement,
“As with many emerging digital asset businesses, BLOX currently operates outside a specific regulatory framework in Malaysia while continuing to engage constructively with policymakers and regulators as the regulatory landscape develops.”
Featured image: Edited by Fintech News Malaysia, based on image by meshcube via Magnific
