Circle raises $110 million (or 13300 BTC)

Wealth Usa Business Currency Us Dollars Banknote

The first was a $110 million USD Series E equity investment and partnership with mining giant Bitmain; the second was its creation of a tokenized "stablecoin" asset created to hedge against price volatility in crypto transactions. Yet in many ways, despite Circle celebrating a fifth anniversary this fall, we feel we are still just getting started.

CENTRE is a wholly owned subsidiary of Circle, although a white paper on CENTRE's website describes plans to separate from the parent company and operate independently.

A new investment round led by Bitmain values the exchange at $3 Billion and also includes other notable names like Accel and Blockchain Capital. The company offers a cryptocurrency investment service, a payment service that offers worldwide transfers called Circle Pay, an over-the-counter service for cryptotrading called Circle Trade, and Polinex, the cryptocurrency exchange it acquired in February. Blockchain Capital and Tusk Ventures are investing in Circle for the first time.

Allaire said the company would provide quarterly audits on the reserves backing the USDC coin and conduct strict anti-money laundering and other checks on individuals and companies looking to buy and redeem the new coins.

Early this year, Circle acquired popular cryptocurrency exchange Poloniex in a massive deal worth $400 Million. Each token, called Circle USD Coin (USDC), will be backed by reserves of USA dollars, Circle said. "It is hard to use something like bitcoin if the volatility is so high", Circle's founder and CEO Jeremy Allaire stated. "A price-stable currency, such as a token pegged to the United States 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 tokenized securities, loans, and property".

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There will be no confidentiality agreements or non-disclosure agreements attached to the settlement, the press release said. The lowering also reflects a belief that MSU's enrollment could drop, which means less money coming into the university.

With business apparently humming, the company is making more moves. The new cryptocurrency is all set to give a ferocious competition to the rival traditional currency backed virtual coins.

Working with regulators and established banks has been one of Circle's operating principles, unlike some in the cryptocurrency sector.

According to Circle, Bitman will also be joining CENTRE's efforts to implement numerous fiat-backed stablecoins that aim to provide financial interoperability around the world. "As I like to say, go in through the front door-don't go hide in the shadows", Allaire told Xconomy recently. "And so, you have a more open, global, inclusive economy that's made possible when this stuff gets delivered at scale".

Circle further noted that "Bitmain will help CENTRE introduce multiple fiat stablecoins in a variety of geo-currency zones".

Jeff Engel is a senior editor at Xconomy.

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