Bitmain Leads $3 Billion Crypto Exchange Circle's $110 Million Series E Round

Circle Gets $110 Million Led by Bitmain Announces USD Token

In 2016 Circle was best described as a consumer finance company utilizing blockchain technology, but today it is that and more.

Another important announcement was the commercial alliance with Bitmain, the largest ASIC manufacturer in the market and responsible for one of the largest mining pools in the world.

The USD Coin is being developed by an organisation known as the CENTRE, which will provide independent oversight of Circle's offering.

On Tuesday, May 15th, Circle announced a strategic partnership with Bitmain where the latter is said to have invested $110 million in Circle for the development of the CENTRE platform and the USDC project. Like Tether's USDT, the new USD coin is meant to be a "tokenized" version of the USA dollar. This coin, called Circle USD Coin (USDC), is a "full reserve US dollar-backed stablecoin", Circle said in the aforementioned press release.

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Circle says that USDC will be particularly useful for cryptocurrency traders to hedge quickly out of trading positions by converting their assets to USDC, which will be stable because of its backing by a fiat currency. The funding round also included IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera, along with new investors Blockchain Capital and Tusk Ventures. According to the company, the invention of blockchain-based computing and cryptographic assets has brought in a new era of the 'open internet.' However, it adds that 'a price-stable medium of exchange and store of value is missing, ' which is needed for 'global financial interoperability to function reliably and consistently'. The company has also previously received funding from Goldman Sachs and Baidu. This new USDC will make digital tokens that much more appealing to the masses.

With this investment - which follows previous rounds involving Goldman Sachs, General Catalyst, and Accel Partners - the Boston company jumped to a massive valuation of around United States dollars 3 billion, instantly making it one of the most valuable crypto companies in the world.

The new digital currency will be initially issued by the company, and it will run on a platform that is managed by a wholly owned division of the company - Centre. It recently acquired cryptocurrency exchange Poloniex. We are excited to be working directly with Bitmain on realizing our shared vision. Although Tether has assured the public that its dollar tokens are backed by dollars in the bank, the company has never released an audit.

"Circle USDC addresses these problems by providing detailed financial and operational transparency, operating within the regulated framework of US money transmission laws, and reinforced by established banking partners and auditors".

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