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Circle Raises $110 Million, Plans To Develop Dollar-Pegged Digital Currency

Circle Raises $110 Million, Plans To Develop Dollar-Pegged Digital Currency

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Dublin peer-to-peer payments and wallet platform Circle is now understood to be valued at almost $3bn after it closed a $110m Series E funding round led by Chinese bitcoin-mining player Bitmain.

A new project is offering bitcoin investors a refuge from market volatility., a US-based company for online payments, announced the launch of USD Coin, a dollar-pegged token on the Ethereum blockchain. This way users will be able to freeze their money with a currency that would not be theoretically subject to inflation or speculation.

Boston-based Circle also said it would create a new cryptocurrency pegged to the price of the USA dollar, enabling businesses and consumers to transfer value more efficiently.

Initially announced late previous year, CENTRE is an open-source initiative from Circle which would allow both cryptocurrencies and fiat currencies to be transferred in a digital form, running on Ethereum Blockchain with its own ERC-20 token.

Existing fiat-backed approaches have lacked financial and operational transparency, have operated in unregulated jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed proprietary technologies. USDC will be ERC-20 tokens minted, issued, and redeemed based on network rules defined by CENTRE.

As an institutional exchange with high volume trading, Circle recently, they doubled their minimum order size from $250,000 to $500,000.

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All told, the funding will also help boost staffing at Circle, which today employs more than 200 employees globally in locations including Boston, San Francisco, Dublin, London, Paris, Madrid, Hong Kong, Beijing and Shenzhen. Unlike Circle, Poloniex is an exchange for the common people with low volume orders.

Circle also reported that Bitmain is one of the most important and forward-thinking companies in crypto, and has become a critical infrastructure provider for the entire crypto economy.

"To realize the vision for ubiquitous payments, we need there to be currencies that can be stored, settled and used", Allaire continued.

"The development of USDC, the evolution of CENTRE, and this new strategic financing further grow our strength as we push toward our lofty goals". Bitmain will also be a partner in this project and will help in driving global interoperability that will benefit all stakeholders of the economy.

The company was valued at about $480 million in 2016 having previously raised a total of $136 million.

Circle is essentially trying to create a new kind of banking and financial services firm, powered by cryptocurrencies and the blockchain software underpinning them.


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