USDC development company Circle closes $440 million funding round with investments from Fidelity, DCG, FTX and others

Circle has just announced that it has raised $440 million in new funding.

USDC development company Circle closes 0 million funding round with investments from Fidelity, DCG, FTX and others

Circle, the development company behind the rapidly growing dollar-linked stablecoin USDC, has just announced that it has raised $440 million in new funding.

According to two people familiar with the matter, the funding comes ahead of Circle’s special purpose acquisition (SPAC). Companies participating in the $440 million round include Fidelity, FTX, Digital Currency Group (DCG), Marshall Wace, Valor Capital Group, Pillar VC, Intersection Fintech Ventures, Atlas Merchant Capital and Willett Advisors, among others.

The company is said to be targeting a $4 billion valuation for SPAC. The company has raised tens of billions of dollars through SPACs this year, but the market has come under pressure recently. The Defiance Next Gen SPAC derivative exchange-traded fund, which tracks the performance of companies entering the public markets through SPACs, hit a six-month low earlier this month, according to The Wall Street Journal.

Circle, whose business has grown with the supply of USDC, has created an API service to help companies participate in the stablecoin business. The total supply of USDC recently surpassed $20 billion. Circle, in turn, makes money from the dollar reserves that back the stablecoin.

The new funding round follows a $25 million strategic funding round led by Digital Currency Group (DCG) in 2020. Circle also raised $110 million in a 2018 funding round, when the company was valued at $3 billion.

Circle’s funding round joins a growing list of large funding rounds in 2021. These include Paxos’ $300 million Series D round in April and BlockFi’s $350 million funding round in March. Both rounds valued these companies at more than $1 billion. FTX is also close to closing a round of funding that will value the company at $20 billion.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/usdc-development-company-circle-closes-440-million-funding-round-with-investments-from-fidelity-dcg-ftx-and-others/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-05-29 01:54
Next 2021-05-29 02:10

Related articles