Published: Wed, May 16, 2018
Markets | By Otis Pena

Bitmain Leads $3 Billion Crypto Exchange Circle's $110 Million Series E Round

Bitmain Leads $3 Billion Crypto Exchange Circle's $110 Million Series E Round

Circle, which is Boston based startup is said to create a new cryptocurrency stabilized to the price of the USA dollar, ensuring the businesses and consumers to transfer their worth more efficiently.

Bitmain is leading the round, joined by previous fellow investors IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera. "It is hard to use something like bitcoin if the volatility is so high", Circle's founder and CEO Jeremy Allaire stated. "Something like USDC makes it more approachable". Circle claims unlike their competitors, the stable coin would be based on the open source fiat stable coin framework developed and governed by CENTRE.

On Tuesday, May 15th, Circle announced a strategic partnership with Bitmain where the latter is said to have invested $110 million in Circle for the development of the CENTRE platform and the USDC project. But with USD Coin, Circle says it aims to address some of the weaknesses of existing fiat-backed cryptocurrencies by "providing detailed financial and operational transparency, operating within the regulated framework of US money transmission laws", and working with banks and auditors. According to the CENTRE's whitepaper, governance of the network will include a type of voting that will leverage a forthcoming CENTRE-specific token that is separate from fiat tokens.

The company goes on and details that "existing fiat-backed approaches have lacked financial and operational transparency, have operated in unregulated jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed proprietary technologies". Bitmain will be a partner in the effort; the plan is for the company to help Centre launch multiple fiat-backed cryptocurrencies, Circle said.

Circle says despite celebrating their fifth anniversary this fall they feel like they are just getting started.

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In a blog post, Circle co-founders Sean Neville and Jeremy Allaire explained that stablecoin - price-stable currency, such as a token pegged to the United States dollars - is critical for the mainstream adoption of blockchain technology for payments and supporting maturation in financial contracts built on smart contract platforms. The company sees the future of our global economy as open, inclusive, shared, distributed and most of all powerful.

What do you think about Circle raising $110Mn in a funding round led by Bitmain? Circle's New "USD Coin" - A Regulator-Friendly Tether? This way users will be able to freeze their money with a currency that would not be theoretically subject to inflation or speculation.

Images via Shutterstock, Bitmain, and Circle. A comprehensive, real-time listing of the cryptocurrency market.

The new cryptocurrency is set to compete with other virtual coins backed by traditional currencies.

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