The Boston-based cryptocurrency finance firm Circle has announced the company has raised $440 million in financing in order to “drive market expansion and growth.” The investment was led by prominent finance firms like Digital Currency Group, Fidelity Management and Research Company, and FTX.
Circle Reveals $440 Million in Financing
- Circle Internet Financial, Inc. has revealed the company has obtained $440 million in financing from a number of strategic investors.
- Leading investors in Circle include Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Intersection Fintech Ventures, alongside Michael J. Price and Friends.
- Circle has attributed a lot of growth to the “rapid rise” of the stablecoin usd coin (USDC). The company considers USDC the “fastest growing dollar digital currency, which now stands at $22 billion in circulation. USDC has grown by 436% in 2021 alone, and over 28,000% over the past 12 months.”
- “As a company, Circle has remained committed to our mission of raising global economic prosperity through the power of digital currency, blockchains and breakthroughs in programmable money,” Circle cofounder and CEO, Jeremy Allaire said on Friday.
- “The sustained global demand for our services powering the growth of USDC, as the most trusted and well regulated dollar digital currency, signals that we are one step closer to achieving our mission,” Allaire added during the announcement.
- Following the financing, two sources familiar with the matter told theblockcrypto.com’s Frank Chaparro the firm is considering a special purpose acquisition vehicle (SPAC) deal.
- FTX Exchange has been making a lot of moves in the crypto industry and FTX participated in Circle’s $440 million financing raise as well. “Circle has been an experienced player in making fiat work on blockchains for nearly eight years and has built deep capabilities to ease payments in crypto. At FTX we’re excited to partner further with Circle to help expand these capabilities to all crypto users,” the CEO of FTX Sam Bankman-Fried remarked on Friday.
- In addition to the recent financing, Circle has addressed “financial and operational transparency” on May 25, 2021, in regard to USDC circulation.
- Circle notes that “USDC in circulation is reviewed by independent accounting firms who could provide reasonable assurance on an ongoing basis that assets held in reserves were at all times able to meet or exceed USDC in circulation. 30 attestations to this effect later issued by Grant Thornton, one of the world’s leading accounting firms, our commitment remains unchanged.”
What do you think about Circle raising $440 million from investors? Let us know what you think about this subject in the comments section below.
by Jamie Redman via Bitcoin News
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