Circle, the US-based financial technology company, announced that it has raised $440 million from leading institutional and strategic investors to drive the company’s growth and market expansion.
According to the official press release, the latest funding is one of the largest private fintech investments on record. Several private equity investors, institutional and strategic investors including Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Intersection Fintech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX and Breyer Capital participated in the recent funding round of Circle.
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The fintech company highlighted a significant growth of USD Coin (USDC) in the last 12 months. USDC is the world’s second-largest stablecoin after Tether (USDT) with a market cap of around $22.4 billion. USD Coin has seen a growth of over 400% this year. USDC is the 8th largest cryptocurrency in the world.
Commenting on the latest funding, Jeremy Allaire, Co-Founder and CEO of Circle, said: “As a company, Circle has remained committed to our mission of raising global economic prosperity through the power of the digital currency, blockchains, and breakthroughs in programmable money. The sustained global demand for our services powering the growth of USDC, as the most trusted and well-regulated dollar digital currency, signals that we are one step closer to achieving our mission. With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team.”
Crypto Funding Rounds
In March 2021, crypto startup BlockFi secured $350 million in funding at a valuation of $3 billion. Blockchain.com, a leading cryptocurrency services provider, raised $300 million in March this year and received a valuation of $5.2 billion. Circle is planning to expand its presence in the market through the latest funds.
“We are proud to continue to partner with Circle to develop a better global financial system,” Barry Silbert, Founder and CEO of Digital Currency Group mentioned in the press release.
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