Economy

Bitmain Leads $3 Billion Crypto Exchange Circle's $110 Million Series E Round

Bitmain Leads $3 Billion Crypto Exchange Circle's $110 Million Series E Round”

Circle, the Goldman Sachs-backed cryptocurrency has managed to raise $110 million in an investment round under the leadership of Bitmain Technologies, the Chinese virtual coin, at least according to a report by Circle on Tuesday. While Bitmain is leading Circle's latest funding round, those who are also participating in the round include existing investors IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera, along with new investors Blockchain Capital and Tusk Ventures.

It's hard to describe Circle in a few words because the company has been active on all fronts.

Goldman Sachs-backed payment company Circle has announced that it is introducing a cryptocurrency version of the USA dollar. The valuation on the round was not officially revealed, but Coinbase reported the new round was raised on a $3 billion valuation, making Circle the second blockchain-focused startup to obtain "unicorn" status after Coinbase Inc. The framework for this cryptocurrency is an "open source fiat stablecoin framework" that's been developed and is governed by CENTRE, a governed network for cryptocurrency. Bitmain will be a founding member of CENTRE. Bitmain will also be a partner in this project and will help in driving global interoperability that will benefit all stakeholders of the economy.

Bitmain will also join CENTRE's efforts to introduce multiple fiat-backed stablecoins and provide financial interoperability around the world.

The digital currency firm believes a digital currency whose price is attached to a more stable currency can help increase the adoption of blockchain-based systems. In a recent interview with Xconomy, Allaire, Circle's CEO, declined to disclose the company's revenues, but he said it has been profitable since a year ago. He went on, "And so, you have a more open, global, inclusive economy that's made possible when this stuff gets delivered at scale." . It unlocks an incredible amount of power for the dollar. The fintech company operates its peer-to-peer payment network using blockchain technology. An attempted audit by Friedman LLP was abruptly ended as Tether announced the two companies' deal "dissolved".

Further, Circle claims they would be open to detailed and transparent financial & operational audits since they operate within the regulated framework of United States money transmission laws.

"Circle USDC addresses these problems by providing detailed financial and operational transparency, operating within the regulated framework of US money transmission laws, and reinforced by established banking partners and auditors", Allaire said. USDC will be an ERC-20 token, based on the Ethereum network.



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