Circle raises $110 M, plans to build USD-backed cryptocurrency
Circle raises $110 M, plans to build USD-backed cryptocurrency
Circle raises $110 million
17 May, 2018, 15:08
Circle, a well-established startup in the business of cryptocurrency backed by Goldman Sachs has raised an amount of $110 million in an investment round led by Bitmain Technologies, the Chinese virtual coin mining giant.
With the fresh funding, the Boston-based startup will push plans to create a new cryptocurrency pegged to the price of the USA dollar. One of these tokens, to be issued this summer, is USD Coin, or USDC, will be backed one-to-one by USA dollar.
Another important announcement was the commercial alliance with Bitmain, the largest ASIC manufacturer in the market and responsible for one of the largest mining pools in the world.
The round also included support from: Accel, Blockchain Capital, Breyer, Digital Currency Group, General Catalyst, IDG, Pantera and Tusk Ventures. "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 tokenized securities, loans, and property". Cryptocurrencies still suffer from price volatility, so bitcoin can't be the common denominator. Jeremy Allaire - the Chief Executive Officer of Circle - said in a media event that it's very hard to use a digital currency like bitcoin if it has a very high level of volatility.
Since you need to give Circle one (1) dollar every time you would like one (1) dollarcoin please, it seems like the currency will serve more as an open-source Venmo, where you can pay for things with a digital cryptocurrency instead of paying with a debit or credit card. CENTRE, according to Circle, will be providing independent oversight of this new coin.
Crypto news site CoinDesk notes that Circle sees the new crypto token as an open-source project, in a sense that regulated financial institutions would be authorized by Centre to issue the stablecoin, and many issuers could offer and manage different fiat-backed cryptocurrencies.
That's why Circle is creating a token that is pegged to the USA dollar. Basically, it's a digital equivalent of a dollar with a crypto-sounding name.
Bitmain will also join CENTRE's efforts to introduce multiple fiat-backed stablecoins and provide financial interoperability around the world.
"I think in the future the markets are not only about cryptocurrencies and ICOs, but about stable tokens and traditional verticals like bonds and stocks", he said. The new cryptocurrency, dubbed USD Coin, is a so-called "stablecoin" created to avoid the volatile price swings some cryptocurrencies have suffered from. But the crypto token has faced criticism for its opacity.
"Existing fiat-backed (cryptocurrency) approaches have lacked financial and operational transparency", Circle said in a blog.
Circle, a payment startup owned by Goldman Sachs, announced yesterday that it's launching a new cryptocurrency called the Circle USD Coin.
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