Boston-based cryptocurrency finance firm Circle has announced that the company has raised $ 440 million in financing “to drive market expansion and growth”. The investment was led by major financial firms such as Digital Currency Group, Fidelity Management & Research Company and FTX.
Circle unveils $440 million in funding
- Circle Internet Financial, Inc. manifest The company has received $440 million in financing from several strategic investors.
- Leading investors in the circle include Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Fidelity Management & Research Company, Marshall Wes, Willett Advisors, Intersection Fintech Ventures, Michael J. Included with Price and Friends.
- The Circle attributed much of the increase to the “rapid rise” of the stable currency USD coinage (USDC). The company considers USDC to be “the fastest growing dollar digital currency, now $ 22 billion in circulation. USDC has grown 436% in 2021 alone and over 28,000% in the last 12 months.”
- “As a company, Circle is committed to our mission to increase global economic prosperity through breakthroughs in digital currency, blockchain and programmable money,” Circle cofounder and CEO, Jeremy Allaire said on Friday.
- Aleire said during the announcement, “The continued global demand for our services, fueling the growth of the USDC as the most reliable and well-regulated dollar digital currency, indicates that we are one step closer to achieving our mission.” Huh.”
- After financing, two sources familiar with the matter Told The Frank Chapro firm of theblockcrypto.com is considering a special purpose acquisition vehicle (SPAC) deal.
- The FTX exchange is making several moves in the cryptocurrency industry and FTX has also participated in the $440 million funding of Circle. “Circle has been an experienced player in doing legal work on the blockchain for almost eight years and has built deep capabilities to make payments easier in crypto. At FTX we are looking to help expand these capabilities for all crypto users. Lee is excited to partner further with Circle, ”commented FTX CEO Sam Bankman-Fried on Friday.
- In addition to recent financing, the Circle has “Financial and operational transparencyIn connection with the USDC Circulation on May 25, 2021.
- The Circle notes that “USDC in vogue is reviewed by independent accounting firms that can provide reasonable assurance on an ongoing basis that assets held in reserves were capable of meeting or exceeding USDC in circulation at all times.” 30 verification To this effect, later released by Grant Thornton, one of the world’s leading accounting firms, our commitment remains unchanged.
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