Dublin-based cryptocurrency firm Circle raises $110m
17 May, 2018, 14:07 | Author: Regina Silva
Goldman Sachs-backed payment company Circle has announced that it is introducing a cryptocurrency version of the USA dollar. The China-based crypto-mining giant, Bitmain Technologies has invested $110 million, valuing the exchange at $3 billion in the new investment round.
In addition to the digital version of the US dollar, Circle announced a $110 million funding round led by cryptocurrency mining company Bitman, bringing its capitalisation to almost $3 billion.
The USD Coin is being developed by an organisation known as the CENTRE, which will provide independent oversight of Circle's offering.
The other investors who are funding the project include IDG Capital, Accel Partners, Digital Curency Group, Pantera Capital, Blockchain Capital, Breyer Capital, General Catalyst and Tusk Ventures. We're over the moon to have one of the most important and forward-thinking companies join our investor's list.
Initially announced late past year, CENTRE is an open-source initiative from Circle which would allow both cryptocurrencies and fiat currencies to be transferred in a digital form, running on Ethereum Blockchain with its own ERC-20 token.
However, the startup sees the extreme price volatility of cryptocurrency as posings a major problem for its wider adoption, driving away enterprises and consumers.
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. The effort towards this initiative will begin this summer.
Circle doesn't want its USD Coin to be subject to the instability and inflation inherent to other unregulated cryptocurrencies, so it will tie the value of a coin to that of a United States dollar, according to CNBC. Along with the announcement of its Series E, Circle unveiled Tuesday an affiliate project called CENTRE, which is developing a token called USD Coin, or USDC: "a full reserve United States dollar-backed stablecoin", according to the statement. Although Tether has assured the public that its dollar tokens are backed by dollars in the bank, the company has never released an audit. Basically, it's a digital equivalent of a dollar with a crypto-sounding name. Bitmain will be a founding member of CENTRE.
"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. But the crypto token has faced criticism for its opacity. Without naming Tether or Bitfinex, the Circle founders stated that other stablecoins "have lacked financial and operational transparency" and "operated in unregulated jurisdictions".
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