Crypto-unicorn: $3bn valuation as Dublin's Circle raises $110m

Crypto-unicorn: $3bn valuation as Dublin's Circle raises $110m

CENTRE, according to Circle, will be providing independent oversight of this new coin.

This week's moves further reflect Circle's on-again, off-again enthusiasm for cryptocurrencies - or at least, their overt endorsement of them in public.

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. "USDC provides a full reserve US dollar-backed stablecoin, and is based on the open source fiat stablecoin framework developed and governed by CENTRE, which will provide independent oversight of Circle's offering".

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 Dollars 3 billion, instantly making it one of the most valuable crypto companies in the world. "A price-stable currency, such as a token pegged to the United States 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".

It's hard to define Circle exactly, since the company does so much. Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology.

Man killed by exploding e-cigarette in US
Tallmadge D'Elia was vaping at home on May 5 when the vaping device, manufactured by Philippines-based Smok-E Mountain, exploded. Deputy fire marshal Steven Lawrence, who attended the incident told Fox6: "It's like having a small.firecracker in your hand".

Circle also said that the partnership with Bitmain will help to push forward CENTRE's efforts towards having a stablecoin backed by multiple fiat currencies, and will thus provide financial interoperability that will benefit business ventures, consumers, institutions and marketplaces across the globe. Currently, Circle has 7 million users worldwide and is working rapidly to expand its reach to every major country around the world. However, because of some of the previous actions by Bitfinex and Tether, some in the crypto-community are still skeptical of fiat-backed 'stablecoins'.

As an institutional exchange with high volume trading, Circle recently, they doubled their minimum order size from $250,000 to $500,000.

The latest investment values Circle at almost $3 billion, a spokesman told Xconomy.

The company goes on and details that "existing fiat-backed approaches have lacked financial and operational transparency, have operated in unregulated jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed proprietary technologies". USDC would be an ERC-20 Token on the Ethereum Network based on the network rules defined by CENTRE.

Bitmain will also join CENTRE in building USDC.

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