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May 31, 2021

Circle wraps up $440m funding round to accelerate market expansion

By Shalini mani

Fintech firm Circle has raked in $440m in financing to support its growth, organisational development, and market expansion.

The firm provides payments and treasury infrastructure for internet businesses, enabling them to employ stablecoins and public blockchains for payments, commerce, and financial applications.

Said to be a principal developer of USD Coin (USDC), the firm oversees the standards and protocol for the USDC along with Coinbase and the Centre Consortium.

Circle will use the money to meet the global demand for its products and services, which aims to combine current financial system with breakthroughs in digital currency.

Circle co-founder and CEO Jeremy Allaire said: “The sustained global demand for our services powering the growth of USDC, as the most trusted and well regulated dollar digital currency, signals that we are one step closer to achieving our mission.”

USDC has grown by 436% in the current year and 28,000% over the past 12 months. Its circulation is said to stand at $22bn currently.

Allaire added: “With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team.”

The financing included investments from institutional and strategic investors including Fidelity Management and Research Company, Marshall Wace, and Willett Advisors.

It was also joined by Intersection Fintech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Valor Capital Group, Pillar VC, and Michael J. Price and Friends.

Digital Currency Group founder and CEO Barry Silbert said: “With USDC’s extraordinary growth, Circle has established itself at the centre of a new generation of financial services and applications. We are proud to continue to partner with Circle to develop a better global financial system.”

FTX CEO Sam Bankman-Fried added: “Circle has been an experienced player in making fiat work on blockchains for nearly eight years and has built deep capabilities to ease payments in crypto. At FTX we’re excited to partner further with Circle to help expand these capabilities to all crypto users.”

Earlier this month, FTX signed a global partnership with Circle for payment support and USDC infrastructure.

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