Cryptocurrency startup Circle has announced that it has raised $110 million during a funding round series E, which was headed by Bitmain Technologies. Among other investors who participated in the campaign — the Blockchain Capital, Pantera, Digital Currency Group and others.
Now the capitalization of the Circle is $3 billion, making it one of the largest crypto companies in the United States and puts on a par with Coinbase.
Against this background, the events of the Circle shared their plans for their latest mobile project Centre, but also announced the release of a new, stable cryptocurrency that is similar to the Tether (USDT), which will be the U.S. dollar. Its launch is planned for the summer.
The new token of the company will be called USD-C will be created on the Ethereum blockchain. As Circle reports, protocols, USD-C will manage the project Centre. The company believes that the token is tied to Fiat currencies can add value to the ecosystem of blockchain.
“Something like bitcoin is hard to use because of the high volatility. Another thing — stablecoin”, explained the founder and CEO of Circle Jeremy Allaire (Jeremy Allaire).
Circle also stressed that Bitmain not only acted as an investor of the company, but also help the Centre to implement several Fiat stablecoin in different geo-exchange areas.
It is worth noting that the company criticizes existing stablecoin, stating that they lack transparency:
“Existing approaches provided by Fiat, do not have the financial and operational transparency, operating in unregulated jurisdictions with unknown banking and auditing partners and was created as a closed ecosystem closed and proprietary technologies”.
Recall that in late February, the Circle purchased the exchange Poloniex, and in mid-March launched in America app for kryptonsite Circle Invest. The company plans to continue working on these and other projects, such as the Trade Circle and Circle Pay.
“We see the future of the global economy open, collaborative, inclusive, distributed, and powerful, and not just for a select few, but for all those who want to become part of this system,” adds Circle.