Circle raises $110 M, plans to build USD-backed cryptocurrency

Circle Raises $110Mn With Plans to Launch USD-Backed Coin

News 3 mins ago | By Jamie Redman

Mobile payments network Circle made two announcements this week which are likely to make a big splash in the blockchain industry. Bitmain is one of the world's largest cryptocurrency mining companies and a leading manufacturer of the hardware needed to mine.

Circle says the goal of their Dollars coin is to provide "detailed financial and operational transparency, operating within the regulated framework of USA money transmission laws".

Circle released today a new white paper outlining the specifications and intended use for CENTRE, which notes that the project has grown since being established as an internal method for transacting in both cryptocurrencies and fiat currencies in digital form.

Circle doesn't want its USD Coin to be subject to the instability and inflation inherent to other unregulated cryptocurrencies, so it will tie the value of a coin to that of a United States dollar, according to CNBC.

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The new cryptocurrency (USDC) will be based on the open fiat stable coin framework developed and governed by CENTRE.

It's hard to describe Circle in a few words because the company has been active on all fronts.

A new project is offering bitcoin investors a refuge from market volatility., a US-based company for online payments, announced the launch of USD Coin, a dollar-pegged token on the Ethereum blockchain.

Circle's CEO Jeremy Allaire commented on the new cryptocurrency: "It is hard to use something like bitcoin if the volatility is so high". Other investors in this financing round include previous Circle backers IDG Capital, Breyer Capital, General Catalyst Partners, Accel, Digital Currency Group, and Pantera Capital, as well as new Circle investors Blockchain Capital and Tusk Ventures, Circle said in a blog post. The company has also previously received funding from Goldman Sachs and Baidu. This is likely why the institution is investing as much as it has been in cryptocurrency, which is to control as much of the market as it can and profit from it in whatever way possible.

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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. We are excited to be working directly with Bitmain on realizing our shared vision.

While other cryptocurrencies can be mined when users lend a part of their computer's processing power to help maintain the updated ledger of all transactions, it seems like the only way to acquire new USD Coin - which will operate on the Ethereum platform for the foreseeable future - is to purchase them.

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".

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