PETALING JAYA (Aug 14): BLOX, the fintech company behind the ringgit-denominated stablecoin MYRC, has announced the successful close of its US$1 million seed funding round.

The round was led by Kivo Technology, the technology investment arm of a Singapore-based venture fund, alongside participation from several new and existing investors.

The funding will be used to accelerate the growth of MYRC, expand BLOX’s product suite for business institutions, strengthen regulatory engagement and support the company’s expansion.

Ethan Chung, CEO of BLOX, said the successful fundraising marks an important milestone in the company's journey.

"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," he said.

Founded in Malaysia, BLOX is building digital asset infrastructure that enables individuals, businesses and institutions to access stablecoins and tokenised financial products through a secure and compliance-focused platform.

Its flagship product is MYRC, a ringgit-backed stablecoin designed to facilitate faster, lower-cost and more transparent digital transactions.

According to the press release, the firm is a participant of the PayNet Fintech Hub and was among the 10 fintechs selected for the PayNet Catalyst Programme.

The firm is not a participant of Bank Negara Malaysia's Digital Asset Innovation Hub (DAIH). Participants of the DAIH are Standard Chartered Bank Malaysia Bhd and Capital A Bhd, Malayan Banking Bhd and CIMB Group Holdings Bhd.