Home Market News Crypto A Cryptocurrency Startup Has Raised $110m For ETH

A Cryptocurrency Startup Has Raised $110m For ETH


Circle are a cryptocurrency start-up and they have helped to raise over $110 million to build out their capital. They want it to be seen as being the internet of value, and this is certainly going to be the case if things keep on going the way that they are. It is being run by Bitmain and this is the Beijing-based Bitcoin hardware provider. This is the largest venture capital in the world to be raised by a Bitcoin based product. Of course, when you look at things on a bigger note, you will soon start to see that the investment itself really does show how the company is planning on spending that money. It has also been revealed that a company based in Boston has raised over $136 million by launching the USD coin. This is a cryptocurrency that uses the ETH blockchain and it is also being backed by USD. To help bring about the vision from Circle, they have also announced that Bitmain, which has generated over $4 billion in profit, will be teaming up with Centre and this is an open protocol that is going to be connected to the fiat currencies in the world. This will be done as a blockchain, so it is certainly interesting to see how that is going to play out.

They have stated openly that they are trying to build the next Amazon and that they are also building up a HTTP as well. They want this to become a foundation of the internet. The problem is that the building blocks are huge for this type of endeavour and these are all part of the initial investment. Investors such as IDG Capital, General Catalyst, Breyer Capital, Digital Currency Group, Pantera and Accel have all come back for this round and as if that wasn’t enough, you’ll also find that Tusk Ventures and even Blockchain Capital are going to be a part of this as well.

The terms of the deal have not been disclosed yet but the co-founder of Circle and even the CEO Jeremy Allaire has stated that they are currently fast approaching the $3 billion mark. This is quite possibly one of the most profitable cryptocurrencies in the world and to give you an idea of how big it is, you’ll be interested to know that they employ over 230 people and the customers that they serve total over 7 million.

The transaction volume of the products that they have now include Circle Trade, Circle Invest, Circle Pay. They have acquired Poloniex but this is yet to be properly confirmed and revealed. In terms of the USDC, or US Dollar Coin, it stands to play an even bigger role than what it is at right now but this is only the case if the company are able to truly monetise it.

When you look at the ETH blockchain and even the ER20 standard, the USDC really does fall under the category of being Stable Coin. This is designed to try and resist any fluctuations that are happening in the market and the coins will also be minted only. This will be done by those who are a part of the circle foundation. They will be asked to not only be a financial institution, but they will also have to hold USD as well.

So there are a few things that you need to know about this. The first thing that you need to take note of is that the value of USDC itself is actually tied to the currency. If you own this then you will be required to lock up some fiat. Circle’s own focus at this time isn’t on making money at all, but it is very locked in on the ETH blockchain.

At the heart of Circle’s own scheme is Centre. This is a very early stage foundation and it was able to raise over $20 million in a simple agreement. This was done in Future Tokens. This promised those who chose to invest tokens that could then be used at a later date. The whole entity however is still owned by a parent company and they have yet to be fully incorporated.

While the whole thing is still in its very early stages, the whole thing really does sound like it could be a competitor to Ripple. This is also a blockchain start-up and it is using XRP to create a much more efficient and easy alternative to the Swift interbank platform. This could make the whole thing a potential competitor when compared to Swift. When you look at the launch, Circle will be the only active member of Centre and the structure of it and how it is going to welcome new members is yet to be clarified. With that being said there is going to be a lot of help given on this and it may even help to lay the foundation for more currencies across the world. Bitmain will also be teaming up with Circle as well, so it will be interesting to see how all of this is going to play out.


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