The U.S.-based cryptocurrency payments application, Juno, has successfully acquired the Indian music NFT platform known as Swaraj Labs (formerly Humit). Swaraj Labs, led by its Co-founder Prithvi Sankar, aids artists in utilizing Web3 technologies for the creation and distribution of their artistic work. “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.

Swaraj Labs, initially named Humit, was established in 2021 by a team comprising Prithvi Sankar, Rohit Ganapathy, Ishaan Negi, Pradyunn Awasthi, and Rishi Bradoo. The company’s mission centers on assisting artists in leveraging Web3 technologies for their creative endeavors. “Last 2 years have 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.

Sources familiar with the development revealed that Swaraj Labs will lead Juno’s efforts in expanding globally. Juno secured $18 million in a Series A funding round led by ParaFi Capital’s Growth Fund last year. Prominent investors including Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, and Abstract Ventures participated in the round. The funds were earmarked for the expansion of digital banking offerings and the advancement of Juno’s tokenized loyalty program.

Juno, a cross-border neo bank, offers users an FDIC-insured high-yield account. The company is the second venture for founders Varun Deshpande, Ratnesh Ray, and Siddharth Verma, who previously saw their first company, BeeWise, acquired by Aditya Birla Money. Antler is an investor in both Juno and Swaraj Labs.