USDC Stablecoin Issuer Circle Raises $400 Million Fund For Expansion
USD Coin Issuer Circle Internet Financial Ltd has completed a $400 million funding round, with participants like Fidelity Management and Research LLC and BlackRock Inc participating. Other investors include Fin Capital and Wace LLP, according to the announcement. The funding and the caliber of companies that participated from the mainstream finance sector show the increasing acceptance of the booming crypto industry.
The Funding Round To Close In Q2 2022
New York-based BlackRock is already in a partnership deal with Circle as the platform wants to explore the capital-market applications of USD Coin. This is in addition to its role as the main asset manager for the stablecoin’s cash reserves. The investment round is expected to close in the second quarter of the year.
The partnership between BlackRock and Circle will promote the latter’s development amidst increased demand for the US dollar-based digital currency. USDC has shown to be one of the fastest-growing dollar-pegged digital currencies. The token was launched in September 2018, bt has grown within this period to reach a market capitalization of $50 billion.
As of press time, Circle is the second-largest stablecoin by market capitalization, behind only Tether (USDT). It is also the fifth-largest crypto asset by value, based on data from CoinGecko.
The Funding To Drive The Next Evolution Of Circle’s Growth
Chief Executive Officer of Circle Jeremy Allaire commented on the development. “This funding round will drive the next evolution of Circle’s growth,” he stated.
Allaire added that the firm is excited about the partnership deal with BlackRock, and will be working with the firm as a strategic investor. He stated that the company will be enhancing operations following the partnership deal and the addition of funds for further developments.
Allaire stated that the funding round will drive the next evolution of Circle’s growth. As a global technology firm, Circle enables businesses of all sizes to take advantage of the benefits of digital technology to improve their operations. It allows the companies to see the need for the use of digital currencies and public blockchains for payments.
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