Circle has raised $ 110 million, plans to release a stable coin pegged to USD

Circle has raised $ 110 million, plans to release a stable coin pegged to USD

According to Bloomberg, the Boston company, Circle Internet Financial Ltd., developed by digital currency products, has closed another investment round at $ 110 million, led by the ASIC manufacturer s Bitmain. The two companies are now partners in the project to create a stable koina – a cryptocurrency that is pegged to the us dollar.

During the investment round Circle estimated nearly $ 3 billion, which is more than six times the valuation of the company in 2016. In partnership with Bitmain, Circle plans to release a “stable value” or stable coin. The project was called Circle USD Coin, or USDC, and, according to preliminary estimates, will be launched in the summer.

USDC is a token ERC-20-based Ethereum and will be tied to the U.S. dollar. CEO of Circle Jeremy Allair said that the token will be as transparent as possible:

This is a version of Fiat currency that can move at Internet speed, with much less cost and with a high level of security. This is a huge improvement in the development of Fiat currency, both for consumers and for businesses.

Circle with 7 million users, wants to integrate the USDC to your app to make payments and Pay Circle Circle Trade – the-counter platform to work with cryptocurrencies. The company also plans to offer USDC at its cryptocurrency exchange Poloniex. Co-founder Sean Neville said that Circle had not yet decided whether they will charge a Commission to traders from trades using USDC as one of the goals at the initial stage is to increase the circulation of the new cryptocurrency.

In General, a stable coin is created to bring stability to niche cryptocurrency, but at the same time to preserve their advantages: decentralization and security.

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