Circle said to look for additional investments

Posted 04 March, 2019

A crypto finance company Circle Internet Financial is rumoured to consider moves aimed to attract extra $250 million through combining debt as well as equity financing.

The sources in the know stated that steadily bearish crypto market affected the operations of the Boston-based company and drove it to think over seeking additional funding. 

At the same time, Circle has neither officially confirmed or denied these reports.

The Crunchbase data show that earlier Circle managed to attract at least $246 million backed by Goldman Sachs.

In spring 2018, the startup held Series E funding round, raising $110 million. As a result, its capitalization was estimated at some $3 billion. The investors included Bitmain, Accel, Blockchain Capital, Digital Currency Group, IDG, Pantera. That time the company planned to spend the received funds on strengthening its positions as a conglomerate of crypto services.

For reference, it provides its customers with a number of services. Specifically, they can trade cryptos with the help of Circle Invest application, an over-the-counter (OTC) platform (launched for institutional clients in September 2018) and on Poloniex cryptocurrency exchange (purchased in February 2018).

In addition, Circle issues USD Coin (USDC), a stablecoin pegged to USD. It designed the coin in conjunction with CENTRE governed network. The startup had intentions to register as a federally licensed bank in the USA in June 2018. 

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