Unconfirmed Reports Claim Circle Is Raising Funds
As reported both by CoinTelegraph and CCN, cryptocurrency start-up Circle is looking to raise $250 M in funding. The crypto/tech giant has already raised over $135 M from venture capital firms between 2013 â 2016, including $50 M from Goldman Sachs. Circle has additionally raised $110 M to create an Ethereum based stable-coin USDC. Despite already raising a whopping $245 M in funding, it seems that they are looking to raise another $250 M for future plans.
A Bit About Circle
Circle was founded by Jeremy Allaire and Sean Neville in October 2013. Its initial product was Circle Pay, a money transfer app in the vein of PayPal. Shortly after, Circle got involved in the world of cryptocurrencies. It was one of the 1st firms to offer free Bitcoin wallets and fiat-to-crypto services. In September 2015, Circle received the first BitLicense issued from the New York State Department of Financial Services. Later, it also received licensing and regulation from UK authorities. In February 2018, Circle purchased the popular exchange, Poloniex.
Raising More Funds?
Unlike many other crypto start-ups & exchanges, per their blog, Circle's income increased during the "crypto-winter" of 2019. If their numbers are correct, Circle is fairing much better than other crypto giants.
It seems to be unclear at this current moment as to whether the $250 M that Circle are raising is designated to maintain operations or to expand. Seeing the success of Poloniex & USDC one may assume that latter is the correct.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado