After Circle given an E-series of capital investment in the amount of $110 million dollars, by Bitmain, the China-based Mining company received, the crypto-currency financial services commercial-focused company is now approximately $ 3 billion in value. According to an official report by the Boston-based company, the following companies are among the investors of this financing round: IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, Pantera, as well as the new investors, Blockchain, Capital, and Tusk Ventures.
Since its inception in 2013, has Circle always been strong with crypto currencies and Blockchain. At the beginning of Circle, a platform that allowed people to buy Bitcoins, without any Technical knowledge. However, shortly after the first Bitcoin-had subsided Boom, turned to Circle of Peer-to-Peer-Social-payment-services.
Then, three months ago, announced Circle with the acquisition of Poloniex to buy one of the biggest crypto currency exchanges in the world – this purchase is expected to be around $ 400 million in value.
Publication of a “U.S.-Dollar-coin”
With the massive financial support of $110 million Circle wants to improve its products and services through the publication of a “Dollar Coin”, in short, USDC,. The USDC will be a price-Stable, Blockchain-based currency to run it, allow users to make payments within the Circle of the Ecosystem.
According to the founders of Circle, Sean Neville, and Jeremy Allaire, is the Problem with Bitcoin and other crypto currencies, their price volatility, which brings the people to hoard the currencies rather than spending it. You acknowledge that “a price is missing, a stable Medium of Exchange and a store of value and is urgently needed for the global financial interoperability to work reliably and consistently.”
In an Interview with CoinDesk, Allaire said that the “Stable-Coin” project is of crucial importance for the plans of the Circle for future Expansion, this includes various sectors, such as a mobile payment application, over-the-counter trading (OTC trading), and his exchange service.
“An important part of our Vision of open protocols, which allow the free transaction of value. A very important point of this is that we will be able to move Fiat to be money in an open, interoperable manner across blockchains. Therefore, we need Fiat-Stable-Coins and payment protocols.
The new Stable-Coin wants to avoid the mistakes of the existing Stable-Coins
Circle’s ‘ Stable-Coin is not the first Stable Coin in the crypto landscape. The most famous (and controversial) would be a Tether, which comes from the same creators as the Kryto-exchange Bitfinex, as well as base, which is supported by Bain Capital and Andreessen Horowitz.
When he was asked about his thoughts on Tether, replied Allaire that he “sees many of the weaknesses and challenges with the Tether”. But since the Circle is more of an Open-Source project with a more robust management model, Allaire to the fact that there is a big difference between the USDC and USDT.
More Information about Circle here.