Crypto-unicorn: $3bn valuation as Dublin's Circle raises $110m

Cricle App

Cricle App

"Today we announced the pending availability of tokenized United States dollar coins supported by developments in the CENTRE open source framework and by a new partnership with Bitmain, which is also leading a $110 million Series E equity investment in Circle". Again, this pretty much goes against the whole point of cryptocurrencies, which were originally created to present a transparent financial market free of regulation from federal government and the influence of big banks.

Circle is now the only member of CENTRE, but the company plans to lure in more firms in the near future.

Circle, which is valued at almost €3 bilion following the latest round, also announced a new virtual currency or so-called "stablecoin", known as Circle USDC, which is to run on ethereum, will be pegged to the US dollar.

In the past few months, Goldman-backed crypto startup "Circle" is seen pushing-up-the-ante and an aggressive focus on expanding its products and services.

In connection with its investment, Bitmain will also be involved with Centre and thus help in launching coins linked to any legal tender or other fiat currencies.

Circle's new Dollars coin is meant to solve a huge problem in the cryptocurrency market - Volatility.

Bringing Poloniex into the fold put Circle on track to generate more than $1 billion in annual revenue, Fortune reported.

Its solution proposes fiat-backed digital tokens, the first of which will be "USD Coin" (or USDC).

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Circle CEO and co-founder Jeremy Allaire recently boasted that Circle is "one of the biggest and possibly one of the most profitable crypto-companies in the world", and that the fintech company is now worth close to $3 billion.

With business apparently humming, the company is making more moves.

According to Circle though, the key difference between USDC and other fiat-based cryptocurrencies is that it plans to ensure regulatory compliance for its cryptocurrency. "As I like to say, go in through the front door-don't go hide in the shadows", Allaire told xconomy.

But the most interesting projects right now are probably CENTRE and a new tokenized Dollars coin.

Circle further noted that "Bitmain will help CENTRE introduce multiple fiat stablecoins in a variety of geo-currency zones". He said the digital currency they are trying to create makes it more possible.

In a blogpost, Allaire and Neville explained: "A price-stable currency, such as a token pegged to the U.S. dollar, is critical for enabling mainstream adoption of blockchain technology for payments as well as for supporting maturation in financial contracts built on smart contract platforms, such as tokenised securities, loans and property".

Jeff Engel is a senior editor at Xconomy.

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