Mike Grants

May 31, 2021

USDC Parent, Circle Closes $440M Funding Round, Largest in Blockchain History

pLast Friday the cryptocurrency industry witnessed the largest raisenbspin its history Circle the parent company of the fastest growing cryptocurrency stablecoin USDC raised million from a host of backers includingnbspFidelity FTX Digital Currency Group Marshall Wace Valor Capital Group Pillar VC Intersection Fintech Ventures Atlas Merchant Capital and Willett Advisors among othersnbspSources say Circle couldnbspa hrefhttpswwwtheblockcryptocompostaftermillionfundraisecircleissaidtobeconsideringaspacdeal targetblankgo public via SPACanbsponce the deal closes The company says its target valuation for the SPAC is around billionppCircles business has grown alongside the supply of USDC having built out API services to help businesses engage with the stablecoin business The total supply of USDC recently surpassednbsp billion Circle makes money from the dollar reserves that underpin the stablecoinnbspppCircles CEO and CoFounder Jeremy Allaire said in an interview withnbspa hrefhttpsfortunecomcryptostartupcirclefidelityftxstablecoinusdccoinbasefundingspac targetblankForbesanbspthat quotWeve been pursuing this overall mission this vision of making money work the way the Internet works Thats been part of the vision from day onequotnbspThe new funding round follows a strategicnbspraise ofnbsp millionnbspled by Digital Currency Group in Circle also raised million in a round that valued the company at billionp

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