Circle Raises $400M, Eyes Capital Market Applications For USDC by Stefan Stankovic Apr.12, 2022 Today’s announcement comes less than a year after the company raised $440 million from a slew of renowned backers.Shutterstock cover by Grey82 Don’t Miss Market Moving News Get daily crypto briefings and weekly Bitcoin market reports delivered right to your inbox.Sign Up Terra’s Do Kwon Planning to Dump Bitcoin to Zero: Sources Analysis Apr.1, 2022 Cardano Whales on Buying Spree Markets Mar.29, 2022 What Is STEPN and Why Is GMT Going Parabolic? Analysis Mar.30, 2022 TiTi Protocol Secures $3.5 Million to Build the First Use-to-Earn Algorithm…
Press Release 17 hours ago DeFiChain’s Hotly Anticipated ‘Fort Canning Road’ Hard Fork Goes Live Press Release 23 hours ago Key Takeaways Circle, the company behind the second-largest stablecoin on the market, USDC, has raised a $400 million funding round.
Investors in the latest raise include the world’s largest asset manager BlackRock, and fourth-largest Fidelity.The firm is also reportedly exploring capital market applications for its USDC stablecoin through a broader strategic partnership with BlackRock.
Share this article URL Copied
Circle, the U.S.-based company behind the second-largest centralized stablecoin on the market, has raised $400 in a funding round including BlackRock, Fidelity, Marshall Wace, and Fin Capital.USDC Issuer Circle Raises $400M, Adds BlackRock as Strategic Advisor
Last valued at $9 billion, Circle has landed an additional $400 million in funding.
As per a Tuesday press release , the stablecoin issuer has entered into a funding agreement for a $400 million raise with a group that includes the world’s largest asset manager BlackRock, with over $10 trillion in assets under management, fourth-largest Fidelity with over $4.2 trillion, and smaller investment firms Marshall Wace LLP and Fin Capital.
Commenting on the raise, Circle co-founder and CEO Jeremy Allaire said:
“This funding round will drive the next evolution of Circle’s growth… digital currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure sits at the center of that change,” he added.
Besides raising the additional capital, Circle has entered into a broader strategic partnership with BlackRock that should help the firm explore capital market applications for USDC.If the company succeeds, the integration of USDC with traditional capital markets would be a first-in-kind as, so far, stablecoins have stayed exclusively crypto-native.
Today’s $400 million raise comes less than a year after Circle raised $440 million in a funding round, including Fidelity, Digital Currency Group, FTX, and others.Earlier this year, in February, the firm also announced that it planned to go public at a $9 billion valuation through a merger with a special purpose acquisition company (SPAC) called Concord Acquisition Corp.
The merge is scheduled to happen between December 2022 and January 2023, after which the company will be listed on the New York Stock exchange under the ticker CRCL.
The USDC stablecoin issued by Circle is currently the second-largest stablecoin in the industry with a market capitalization of around $50.7 billion, trailing behind the older and still largest stablecoin, Tether, which boasts a market cap of roughly $82 billion.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Share this article URL Copied Disclaimer Read More Read Less
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc.makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website.Decentral Media, Inc.
is not an investment advisor.We do not give personalized investment advice or other financial advice.
The information on this website is subject to change without notice.Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate.We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice.We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment.
We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities..