Dublin-based cryptocurrency firm Circle raises $110m

17 May, 2018, 14:07 | Author: Regina Silva
  • Circle Gets $110 Million Led by Bitmain Announces USD Token

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.

Juve great Buffon afraid of retirement
The former Parma goalkeeper will make his 640th and final Serie A appearance for Juventus against Verona on Saturday. I'm glad you came in so many. "My principles have always been honesty, loyalty and hypocrisy struggle", Buffon said.


US Senate passes resolution to overturn FCC net neutrality reform
While Collins' support had been public leading up to the vote, Murkowski's and Kennedy's "yes" votes came as a surprise to some. They were the focus of heavy lobbying by Net neutrality supporters in recent days.


Government to spend £400m on removing unsafe tower block cladding
Work has already started on 104 buildings, and the number of eligible schemes will be kept under review, the spokeswoman said. Theresa May confirmed the unsafe materials would be removed during Prime Minister's Questions earlier today.


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".

Recommended:

  • Harry Styles' life becomes a sitcom

    Harry Styles' life becomes a sitcom

    Now the pop star has been busy with his world tour, which began September 2017 and will continue until July 2018. He continued: "We'd be in bed like an old couple... and the door would go off".
    SEC Shows Investors What a Cryptocurrency Scam Looks Like

    SEC Shows Investors What a Cryptocurrency Scam Looks Like

    The SEC's spoof has been well received even by entrepreneurs in the crypto space who are normally wary of regulatory bodies. HoweyCoins says it combines the "blockchain and travel" to offer ICO participants massive discounts on travel expenses.
    Supreme Court Legalizes Sports Gambling, Per State Laws

    Supreme Court Legalizes Sports Gambling, Per State Laws

    The 2013 law, for example, specifies bettors must be physically present in an authorized casino's sports lounge to place a wager. Casino operators in New Jersey have also been anticipating Monday's decision , with much of the infrastructure already in place.
  • YouTube Expanding Music Credits on Videos

    YouTube Expanding Music Credits on Videos

    Why YouTube has waited so long to present this music discovery feature is anyone's guess ( Shazam anyone), but here it is. The latest development in YouTube's progression of updated features will put Musical Artists in the driver seat for once.
    Backstreet Boys premiere new single Don't Go Breaking My Heart

    Backstreet Boys premiere new single Don't Go Breaking My Heart

    Later in the year Backstreet Boys will return to their Backstreet Boys : Larger Than Life Las Vegas Residency. News of the album comes as the group release Don't Go Breaking My Heart , their first single in five years.
    Smriti Mandhana, Harmanpreet Kaur to lead women's teams in T20 Challenge

    Smriti Mandhana, Harmanpreet Kaur to lead women's teams in T20 Challenge

    Alyssa Healy, Suzie Bates, Beth Mooney, and Danielle Hazell will be among the big worldwide names in the other team. The match will be played before the first Qualifier match on May 22 at 2 pm in Mumbai .
  • Meghan Markle's father 'heartbroken' to miss daughter's wedding after surgery

    Meghan Markle's father 'heartbroken' to miss daughter's wedding after surgery

    The reason why? Markle and Harry wanted a more casual - if you can call a royal wedding that - celebration. Incidentally, he was also being treated in the hospital last week after hhe had a heart attack.
    Mothercare UK swings axe of 50 stores and brings back ousted CEO

    Mothercare UK swings axe of 50 stores and brings back ousted CEO

    Earlier this year, toy store chain Toys R Us collapsed into administration, as did electronics retailer Maplin. Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds.
    Presenter Christine Lampard reveals she and husband Frank are expecting first baby

    Presenter Christine Lampard reveals she and husband Frank are expecting first baby

    She added that she feels "so excited, nervous and grateful" and that "the list of emotions is endless". One supporter wrote: "Congratulations Christine and Frank, you're going to have a handsome baby".
  • Miramar Map Is Now Available On PUBG Mobile

    Miramar Map Is Now Available On PUBG Mobile

    The mobile port of PLAYERUNKNOWN's BattleGrounds title has been a roaring success across the globe since launching in March 2018. The region system will help with language-based chat channels, too. - Initial parachute speed increased to match the PC version.
    Study Finds Pop Music Has Gotten Sadder But Also More Danceable

    Study Finds Pop Music Has Gotten Sadder But Also More Danceable

    This lyrical trend is in tune with the overall increase in loneliness, social isolation and mental disorders across society. "The public seems to prefer happier songs, even though more and more unhappy songs are being released each year".
    RED SOX 6, A'S 4: Boston salvages win over A's

    RED SOX 6, A'S 4: Boston salvages win over A's

    Chris Sale couldn't quite harness his crackling fastball on this night, limited to five innings as his pitch count swelled to 102. Chad Pinder drew a free pass and Marcus Semien sent a two-run blast onto Lansdowne Street to trim the Athletics' deficit to 3-2.


Popular

Pep Guardiola: 'Liverpool will challenge for Premier League title next season'
Gabriel Jesus struck with virtually the last kick at St Mary's to take City to the century mark in suitably dramatic fashion.

RCom shares nosedive 20.5% as NCLT admits Ericsson's bankruptcy petition
However, Tuesday's order from the NCLT means that the asset sale would now be overseen by a court appointed administrator. Recently implemented bankruptcy rules bar takeovers of stressed assets by entities related to the defaulting promoters.

Pitt set for prime time
With the 8 p.m. start time, Penn State will be playing at least one night game for the 19th straight season. The blue and white's longest homestead is three games, while their longest road trip is just two contests .

Britain slashes top stake on gambling machines to £2
However, the announcement was widely welcomed by charities, the church and opposition politicians. Bookmakers have warned that the measure will put 21,000 jobs and 4,000 betting shops at risk....

Brent Crude Hits New High On Soaring Demand
The EIA reported that total products demand the last month averaged about 20.1 million barrels per day, up by 1.5% year over year. There are reportedly spot cargoes for oil from West Africa, Russia and Kazakhstan that are going unsold, forcing steep discounts.

BC woman squats, poops then hurls feces at Tim Hortons employee
Moments later, she grabs the faeces from the floor and hurls it towards the employee before pulling up her pants and storming out. The woman then defecated on the floor and flung the feces at staff members behind the counter.

James Ransone will play adult Eddie in 'It: Chapter 2'
The first installment of the film was a massive hit, grossing $700 million worldwide including $327 at the USA box office. Meanwhile, Bill Skarsgard will reprise his role as Pennywise from the first movie.

MS Dhoni, Harbhajan Singh celebrate Suresh Raina's daughter Gracia's birthday
After qualifying for the playoffs, Chennai Super Kings (CSK) are finding a new reason to party hard every now and then. Their innocence, quirkiness have been making headlines throughout the 11th season of the Indian Premier League .

Erdogan, Putin Say US 'Wrong' to Abandon Iran Nuclear Deal
Turkey's President Recep Tayyip Erdogan , speaking at "Tatlidil" forum during his official visit to London, May 13, 2018. Trump also announced that he would re-impose United States sanctions on the country.

Square's Dorsey is sure of cryptocurrency's future, just not sure which one
After that they dedicated Brock to building Bitcoin within Square Cash, saying the feeling of solving the issue was "amazing". Page from " My First Bitcoin and the Legend of Satoshi Nakamoto " from Jack Dorsey's Cash app project.