Existing buyers IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group and Pantera are investing extra money. Blockchain Capital and Tusk Ventures are investing in Circle for the primary time. Goldman Sachs additionally invested within the firm in a earlier spherical.
It’s arduous to explain Circle in a couple of phrases as a result of the corporate has been energetic on all fronts. For a extremely very long time, the corporate pitched itself as a social cost firm, a Venmo and Square Cash competitor. But Circle is extra centered than ever on cryptocurrencies.
The firm has been working one of many largest over-the-counter buying and selling desk for giant cryptocurrency buyers and exchanges. Circle Trade manages greater than $2 billion a month in transactions and is ready to fulfill massive orders and supply liquidity.
More just lately, the corporate launched Circle Invest, a extremely easy cell app for the U.S. market. It helps you to purchase and promote Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash and Monero in just some faucets. It’s a great way to get began with cryptocurrencies with out studying about exchanges and order sorts. It may turn into a great Coinbase competitor for small cryptocurrency buyers.
And Circle additionally acquired Poloniex, one of many largest cryptocurrency exchanges within the U.S.
But probably the most fascinating initiatives proper now are in all probability CENTRE and a brand new tokenized USD coin. There are so many various cryptocurrencies, fiat currencies, exchanges and wallets that it has turn into arduous to make all the things work collectively. Cryptocurrencies nonetheless undergo from worth volatility, so bitcoin can’t be the widespread denominator.
That’s why Circle is making a token that’s pegged to the U.S. greenback. The USD Coin relies on an open supply framework developed by CENTRE and all the things must be audited usually.
CENTRE is a Circle initiative to create a standard framework to attach all digital wallets. This protocol may allow you to ship cash to an Alipay person along with your Square Cash steadiness.
It’s clear that Circle needs to construct the infrastructure of the cryptocurrency trade. The firm might want to persuade a number of trade gamers to work with Circle. But it may assist the cryptocurrency ecosystem as an entire.