Circle, a Boston-based cryptocurrency financial company, announced that it has raised $440 million in financing to “drive market expansion and growth.” The investment was led by famous financial companies such as Digital Currency Group, Fidelity Management and Research Company and FTX.
Circle raised $440 million in financing
- Circle Internet Financial, Inc. revealed that the company has received $440 million in financing from many 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 attributed much of its growth to the “rapid growth” of the stablecoin USD coin (USDC). The company believes that USDC is “the fastest-growing U.S. dollar digital currency with a current circulation of 22 billion U.S. dollars. USDC has grown by 436% in 2021 alone and has grown by 28,000% in the past 12 months.”
- Circle co-founder and CEO Jeremy Allaire said on Friday: “As a company, Circle is always committed to improving global economic prosperity through breakthroughs in digital currency, blockchain and programmable currency. duty of.”
- Allaire added in the statement: “The continued global demand for our services has driven the development of USDC (as the most trusted and well-regulated U.S. dollar digital currency), which shows that we are one step closer to achieving our mission.”
- After raising the funds, two sources familiar with the matter told Frank Chaparro of blockcrypto.com that the company is considering a special purpose acquisition tool (SPAC) transaction.
- FTX Exchange has made a lot of progress in the encryption industry, and FTX has also participated in Circle’s $440 million financing. “Circle has nearly eight years of experience in blockchain statutory work, and has built powerful features to simplify crypto payments. At FTX, we are pleased to further cooperate with Circle to help extend these features to all crypto users “FTX CEO Sam Bankman-Fried said on Friday.
- In addition to the recent financing, Circle also resolved the issue of “financial and operational transparency” in USDC circulation on May 25, 2021.
- Circle pointed out: “The USDC in circulation is audited by independent accounting firms, which can continue to provide reasonable guarantees to ensure that the assets held in the reserve can meet or exceed the USDC in circulation at any time. Globally Grant Thornton, one of the leading accounting firms, subsequently issued 30 certificates of this result, and our commitment has not changed.”
What do you think of the $440 million that Circle raised from investors? Let us know your thoughts on this topic in the comments section below.
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