Cryptocurrency startup Circle has raised $440 million in new funding, the company said Friday, adding to the list of crypto-focused businesses that have benefited from a bull run by investors. Company co-founder and CEO Jeremy Allaire issued an announcement thread of four tweets about the investment. He stated that the funds would go towards accelerating the company’s “growth and market expansion.”
He said, “This comes on the heels of extraordinary growth in USDC adoption, and acceleration across our business.” He continued, “We are thrilled and humbled by the support and partnership with these great investors, and excited to keep building a lasting institution that we believe can help transform the global financial system on the foundation of the open internet.”
Participants in the latest financing included financial giant Fidelity and the fast-rising cryptocurrency exchange FTX. Digital Currency Group, which owns Grayscale Investments, and maintainer of a popular Bitcoin investment trust became an investor as well. Earlier this month Circle made headlines when they announced there partnership with exchange FTX. The collaboration will provide payments infrastructure for internet businesses, and enable Blockfolio and FTX users to fund dollar balances with instant access. This in turn allows trades to be conducted via credit or debit card in more than 175 countries. Reports indicate that FTX had already integrated Circle APIs and USDC payments.
Circle USDC is one of the fastest growing companies in the fintech ecosystem. Currently it ranked as the 8th most valuable cryptocurrency by market cap, and is the world’s second largest stablecoin. Circle is rising in the area where other stablecoins like Tether (USDT) are use to controlling.
