Circle raises $110 million (or 13300 BTC)

Cricle App

On Tuesday, Boston-based Circle announced it has formed partnerships with USD Coin and Bitmain.

Bitcoin and blockchain startup Circle Internet Financial, Inc. has raised $110 million in new funding as a "strategic investment" while also announcing its intent to launch a new cryptocurrency tied to the USA dollar.

Circle announced this new partnership on its Twitter handle.

In February, it emerged that Circle had confirmed the purchase of US-based Poloniex in a deal estimated at $400m that would enable Circle to directly compete with one of the biggest cryptocurrency exchanges in the world, Coinbase. The framework for this cryptocurrency is an "open source fiat stablecoin framework" that's been developed and is governed by CENTRE, a governed network for cryptocurrency.

Circle USDC joins other products the Goldman Sachs-backed company offers including Circle Invest, Circle Trade, Circle Pay and Poloniex.

Along with this new investment round, Circle has also announced that it will be launching a new stable cryptocurrency, Circle USD (USDC) which would be pegged to the US Dollar enabling businesses and consumers to transfer values more efficiently.

Circle also said that tokenized United States dollar coins were now available on its platform, made possible by developments in the CENTRE open source framework and by a new partnership with Bitmain.

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"A price-stable currency, such as a token pegged to the US dollar, is critical for enabling mainstream adoption of blockchain technology for payments as well as for supporting maturation in financial contracts built on smart contract platforms, such as tokenized securities, loans, and property".

The USD-C token will be based off of the Ethereum network, and Circle's subsidiary company, Centre will manage its protocol. Jeremy Allaire - the Chief Executive Officer of Circle - said in a media event that it's very hard to use a digital currency like bitcoin if it has a very high level of volatility. "And so, you have a more open, global, inclusive economy that's made possible when this stuff gets delivered at scale".

Circle also reported that Bitmain is one of the most important and forward-thinking companies in crypto, and has become a critical infrastructure provider for the entire crypto economy. Currently, Circle has 7 million users worldwide and is working rapidly to expand its reach to every major country around the world.

"Existing fiat-backed (cryptocurrency) approaches have lacked financial and operational transparency", Circle said in a blog.

CENTRE makes further use of the token standard, however, as node operators - whether they be an app operator, a bank or another financial institution - could issue their own ERC-20 tokens tied to a particular fiat currency to send between other parties on the CENTRE network.

CENT, according to the paper, is meant to act as a common medium of exchange between apps that originally use entirely incompatible currencies.

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