BLOX raises $1M seed to scale ringgit-backed stablecoin MYRC

What's the deal? Malaysian fintech BLOX has raised $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.

What's the endgame? BLOX develops digital asset infrastructure and provides access to stablecoins and tokenised financial products. It will use the funding to grow MYRC, build products for businesses and institutions, support regulatory engagement, and fund broader expansion.

Why now? BLOX reported that MYRC's cumulative transaction volume rose more than 33-fold over the past 12 months. It previously demonstrated the stablecoin as part of a proof of concept for domestic blockchain payments.

What could go wrong? BLOX said it "currently operates outside a specific regulatory framework in Malaysia," though it added that it continues to engage with policymakers and regulators as rules develop.

BLOX participates in the PayNet Fintech HubDealroom has a profile for this one. Try Dealroom → and was one of 10 fintechs selected for the PayNet Catalyst Programme, which included an immersion at Imperial College LondonDealroom has a profile for this one. Try Dealroom → in 2025.

The signal: BLOX chief executive officer Ethan ChungDealroom has a profile for this one. Try Dealroom → framed the raise around building "trusted, compliant infrastructure" as digital assets become "an increasingly important part of the global financial system." The bet reflects rising demand for locally denominated stablecoins built to work within — not around — emerging regulatory regimes.

Read more: Fintech News Malaysia

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