The name Circle needs no introduction in the Cryptocurrency world. As a company valued in billions of dollars, Circle Internet Financial Ltd. is an industry leader when it comes to digital currency product development. The billions-worth company has recently conducted a fundraising round, which amassed a massive figure of $110 million. Adding the figures from the raised funds, Circle Internet Financial Ltd. is currently valued at almost $3 billion.
Circle: A Success Story!
Bitmain, a leading name in the mining hardware manufacturing industry, has led the fundraising round for Circle amassing $110 million. It is later reported that successful fundraising round is just a prelude to bigger things between the two companies. Presently the two prominent company partners in a project to create tokens, which is backed by US dollars.
The successful duo also plans to partner in developing a fiat-backed token, which is more familiar with the term "Stable Coin". This initiative is expected to address the unstable nature of some cryptocurrencies. The project is termed as Circle USD Coin or USDC. According to the reports, we can expect to see the USDC by summer.
Understanding USDC:
From the get-go, USDC packs a lot of beneficial difference from your average cryptos. USDC will be released as an ERC-20 token based on the Ethereum network. The token will be backed by one-to-one with the dollar. The most welcoming difference is that Circle USD Coin will offer all the benefits and efficiency that a cryptocurrency offers without the cryptocurrency's biggest disadvantage, the volatility.
Circle CEO Jeremy Allaire mentioned in an interview that this token will offer improved transparency. He also added that,
“It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.”
Circle's plan for Asia
2018 has been very proactive for Circle, the payments technology mammoth has recently acquired Poloniex Cryptocurrency Exchange. Post the acquisition, Circle announced its plan to hire 100 people to expand the Poloniex Cryptocurrency Exchange in Asia. The Circle CEO Jeremy Allaire has stated in an interview that Circle will hire personnel in order to initiate services in South Korea, Japan, China and Hong Kong.
Statements from Allaire indicates that the company has raised funds of $140 million in venture capital and plans to diversify its offerings on Poloniex. In the interview, Allaire also shared his strong opinion on Cryptocurrencies, according to his vision every value on the planet will become a crypto token in the future.
With big things happening for Circle, how many billions will the new projects bring to the almost $3 billion company is a question for the future.
