The US-based cryptocurrency payments app Juno has successfully acquired Swaraj Labs, an innovative music NFT platform from India. The acquisition aims to create synergies to redefine the way artists and creators leverage blockchain technologies.
Journey of Swaraj Labs
The genesis of Swaraj Labs, formerly known as Humit, began in 2021 under the guidance of its co-founders: Prithvi Sankar, Rohit Ganapathy, Ishaan Negi, Pradyunn Awasthi, and Rishi Bradoo. Their core mission was to empower artists to harness the potential of Web3 technologies, thereby revolutionizing the creation and distribution of art.
Prithvi Sankar, Co-founder of Swaraj Labs, expressed his enthusiasm on LinkedIn about partnering with Juno, seeing it as a significant milestone in their journey. After multiple fruitful discussions, they are excited to collaborate and elevate their combined ambitions on a global scale. Sankar also looked back on the company’s past, describing the ups and downs they faced in company development, handling challenges, making strategic shifts, and ultimately achieving a successful exit as an unparalleled learning journey.
Swaraj Labs to spearhead Juno’s global strategy
Insiders close to the matter have revealed that Swaraj Labs will be at the helm of Juno’s worldwide expansion plans.
In a recent financial milestone, Juno secured an impressive $18 million through a Series A funding round, headlined by ParaFi Capital’s Growth Fund. This round also witnessed participation from notable investors such as Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, and Abstract Ventures. These investments were earmarked to bolster Juno’s digital banking services and further develop its tokenized loyalty program.
Pioneers in digital banking
Juno stands at the forefront of cross-border neobanking, offering its clientele FDIC insured high-yield accounts. Its foundation was laid by the entrepreneurial trio: Varun Deshpande, Ratnesh Ray, and Siddharth Verma. Juno isn’t their maiden venture. The trio previously founded BeeWise, which later found its new home under Aditya Birla Money. Notably, Antler, a global early-stage venture capital firm, has investments in both Juno and Swaraj Labs, further intertwining the two companies’ destinies.
A new chapter in the Crypto Universe
The fusion of Juno and Swaraj Labs signals a transformative phase in the crypto and digital art sectors. As Juno aims to solidify its position as a global leader in digital banking, the expertise and innovation brought in by Swaraj Labs could very well catalyze a new era of growth and opportunities in the crypto space.