Circle is one of the largest startups in the blockchain space. The company’s value proposition is simple: to facilitate the trading of digital assets. From this mission, Circle has grown into a full-service financial platform that supports the trading of assets in a secure and transparent fashion. To date, Circle has raised $140 million in venture capital. (A)
Bitcoin startup Circle Internet Financial has raised $60 million in a Series D funding round, led by Goldman Sachs. The company also announced that it has acquired Poloniex, a leading cryptocurrency exchange. Circle plans to integrate Poloniex with its own products.
The recent movement in the price of bitcoin has been nothing short of remarkable. Following what many are calling a bubble, the price of a single coin is now in excess of $600 a unit, having traded as low as $230 just three months ago. In the face of this rally many are wondering whether a correction is in order. While we can’t provide a definitive answer to this question, we wouldn’t be surprised to see the price of bitcoin continue to climb, at least in the short term.Boston-based crypto-currency finance company Circle has announced that it has raised $440 million in funding to expand its market and growth. The investment was led by well-known financial firms such as Digital Currency Group, Fidelity Management and Research Company, and FTX.
Circle unveils $440 million in funding
- Circle Internet Financial, Inc. announced that it has received $440 million in funding from a number of strategic investors.
- Circle’s major investors include Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Intersection Fintech Ventures and Michael J. Price and Friends.
- Circle attributes this significant growth to the rapid growth of usd stablecoin (USDC). The company estimates that USDC is the fastest growing dollar-dominated digital currency, with $22 billion in revenue. In 2021 alone, USDC has grown by 436%, and by more than 28,000% in the past 12 months.
- As a company, Circle remains committed to its mission of increasing global economic prosperity through breakthroughs in digital currency, blockchain and programmable money, Jeremy Allaire, Circle’s co-founder and CEO, said Friday.
- The continued global demand for our services, which is driving the growth of the USDC as the most trusted and regulated digital dollar currency, shows that we are one step closer to fulfilling our mission, Allaire added at the announcement.
- According to the funding, two sources familiar with the matter told Frank Chaparro of theblockcrypto.com that the company is considering acquiring a company, the Special Purpose Company (SPAC).
- The FTX exchange is making significant inroads into the crypto industry, and FTX was also involved in raising $440 million in Circle funding. Circle has been an experienced player in blockchain-based fiat currency payments for nearly eight years and has developed deep capabilities to facilitate cryptocurrency payments. At FTX, we look forward to continuing to work with Circle to expand these capabilities for all cryptocurrency users, FTX CEO Sam Bankman-Fried said Friday.
- In addition to the recent funding, Circle announced on 25. In May 2021, financial and operational transparency related to the treatment of the USDC was addressed.
- The Circle notes that outstanding USDC are audited by independent accounting firms that can provide reasonable assurance on an ongoing basis that assets held in reserves have met or exceeded outstanding USDC at all times. 30 related assurances subsequently provided by Grant Thornton, one of the largest accounting firms in the world, our obligation remains unchanged.
What do you think about the fact that Circle got $440 million from investors? Let us know what you think in the comments below.
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440 million, pledges, fundraising, Circle, Circle Internet Financial, cryptocurrencies, Digital Currency Group, Fidelity, finance, funding, ftx, Jeremy Allaire, Sam Bankman-Fried, usd coin, USDC Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.After several months of relative silence, Circle Financial recently announced that it had amassed $440 million in Series E funding, bringing its total funding up to $630 million and making it one of the top-five highest-funded blockchain startups in the world. However, the blog post announcing the funding also contained a major surprise: that Circle will now register as a “bank” under the Bank Holding Company Act of 1956. (This act was originally passed to facilitate mergers of existing banks, and its purpose has been modified several times since then.) This decision has sparked rumors that Circle will soon be acquired by a larger financial services company, possibly a SPAC.. Read more about next bitcoin stock and let us know what you think.
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