Crypto Finance Firm Seeks $250M In Funding

| Publish date: 03/05/2019
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Circle, which is a Goldman Sachs-backed cryptocurrency finance venture, is reportedly looking to raise around $250 million in funding. The latter, in particular, is said to be a combination of debt and equity.

Funding Remains Unconfirmed

The aforementioned company was founded back in 2013 and has since then been offering at least four products. These are namely, Circle Pay, Circle Invest, Circle Trade, and the digital currency exchange Poloniex. According to the official report, the venture firm did not provide further comments regarding the said funding, which was revealed by an individual with concrete knowledge of the plans.

Just earlier this year, Circle was successful in predicting significant retailer take-up of its very own USDC Stablecoin. Jeremy Allaire, the CEO and co-founder of Circle, responded to a question on an AMA Reddit thread on January this year.

The question was whether or not the company has plans for retailers to finally accept USDC. Basically, the latter was believed to be accepted and utilized as a means of payments, which could substantially help when it comes to crypto adoption.

Executive Protocols and Standards

The executive explained that the vision behind the venture company has been all about having the need to be open to protocols and/or standards in terms of fiat money online. It believes that through these standards, doing so could potentially enable businesses and individuals to exchange value directly with ease. More importantly, the process could be as efficient as sharing content and/or communication over inter-operable and open networks.

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Allaire, however, clarified that this goal is not entirely easy to achieve, especially since there will be a handful of issues. And in order for this goal to be put forward, the company has to do what is necessary in order to handle these issues.

The CEO added that Center’s initial release of the above-mentioned stablecoin contract and scheme heavily depends on ERC-20 tokens. In other words, there is definitely a burden when it comes to end-user, which will require wallets to pay for products and services.

The ‘Layer 2’ Approach

Circle’s co-founder further suggests that they are in dire need of a “Layer 2” approach, one that could really scale the throughput. More importantly, this approach should be able to significantly reduce the cost to closer to zero for USDC payments. Allaire stated that the process they are trying to put up should have the combination of a much better consumer payment UX when compared to what is being done in digital currency wallets these days.

Allaire is positive that these changes can be done this year. And if all things go well, he can assure that the company has the capability to help solve these problems in the crypto space.

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