Unconfirmed: Goldman Sachs-Backed Crypto Payments Startup Circle Seeks $250M in Funding


0

Goldman Sachs-backed cryptocurrency finance firm Circle is reportedly looking to raise $250 million of funding in a combination of equity and debt. The source of information are claims made by an anonymous person familiar with the company’s plans, as cited in a report by technology news website The Information on March 2.

According to the article, Circle — which generates revenue from trading fees on its cryptocurrency exchanges (Poloniex and the institutional offering Circle Trade) — has seen a decrease in its proceeds after the overall crypto market crash lead to decreased trading volumes. Still, in an interview with The Information, Circle’s co-founder Jeremy Allaire claimed that the company’s revenue grew between 2017 and 2018 despite the fall in crypto prices.

As Cointelegraph reported in January, the over-the-counter (OTC) crypto trading desk at Circle (Circle Trade) had a notional volume of $24 billion in 2018.

Circle is also the company behind the dollar-backed stablecoin USD Coin (USDC), for which the company released the third audit report in January. The coin was added by Binance to its combined stablecoin market in December last year.

More recently, as part of an overall aim to operate with a broader part of the institutional crypto trading market, Gemini — the cryptocurrency exchange founded by the Winklevoss twins — has joined the British Telecommunications Radianz Cloud broker community.

Source : COINTELEGRAPH


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Comments

comments

Powered by Facebook Comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format