Circle to Attract $250M in Funding

March 11, 2019

Circle, a finance company that is responsible for developing Circle Invest and Circle Pay, the crypto investment and P2P payments solution, is allegedly looking for an opportunity to attract $250 in funding. The exact volume of funding, as well as the reason behind the necessity for the additional infusion of capital, remains unclear since Jeremy Allaire, the CEO of Circle Internet Financial Limited, chose to withhold any concrete information from the media.

He confined himself to saying that the extra funding would aid the company to consolidate its position with regard to the ever-vigilant competitors. Such vague explanations have given way to guesswork. Most crypto experts arrived at the conclusion that supplementary funding should help Circle to deal with the effects of the lingering bear crypto market which came to be known as the Crypto Winter.   

The brief overview of Circle and its funding history


Circle is a prominent US-based payments technology company that has at least two noteworthy crypto projects under its belt, namely Circle Pay, a mobile payment platform and a bitcoin wallet, and Circle Trade, a global desk that provides for the over-the-counter cryptocurrency trading.

Circle Internet Financial is also known as the chief operation of Poloniex, the reputed crypto asset trading exchange that currently occupies the 72nd position on Coinmarketcap with regard to the adjusted trading volume.

In the period from 2013 till 2016, Circle carried out as much as four funding campaigns, the Series A to D funding, raising an aggregate amount of around $140 million. The bulk of the funding came from the venture capital behemoths, such as Goldman Sachs, IDG Capital, the global investment firm, the portfolio of which features Baidu, Xaiomi, Razer, and the likes of Breyer Capital and Accel Partners.

The year 2016 saw Circle attracting another $60 as part of the Series D funding initiative supported by the existing pool of investors and the new ones, for instance, Pantera Capital.

The final funding round of the series - the Series E Circle - occurred in 2018 brought Circle a whopping $110 million with Bitmain, one of the biggest producers of ASIC miners in the world, being the leading investor.

According to the estimates made prior to the beginning of the Winter, the overall value of Circle Internet Financial reached $3 billion thus making it one of the few unicorn companies in the crypto world. However, the ongoing crypto-economic crisis has surely exerted a negative influence on Circle’s financial standings with some analysts suggesting that may have plummeted to around $800.

Assumptions as to why Circle may require more funding


Certainly, the Crypto Winter had dealt a major blow to all crypto companies, forcing big players like Steemit and ConsenSys to dismiss a significant portion of their staff. Perhaps Circle is also experiencing similar issues and requires additional funding just to stay afloat.

However, granting that Circle has the ambition to register with the Securities and Exchange Commission (SEC) as a brokerage platform and federal bank, they might need this money to pull further away from the lingering competitors.  

Share
Pin
Send
Share
Share

Related Crypto News and Promotions




Top upcoming ICOs

ICOs Rating Days left
1 2local 5 6
2 SerenitySource 5 35
3 Geco.one 5 36
4 Tycoon 5 36
5 DogData 5 36
6 Pawtocol 4.9 7
7 Curate 4.9 28
8 Ledder 4.9 36
9 IdeaFex 4.9 569
10 BitWings 4.8 35

ICOs rating

Top Cryptocurrencies

Сryptocurrency CVIX Price Change, 24h
Bitcoin 66 $18 998.40 3.34%
Ethereum 64 $606.07 1.60%
XRP 84 $0.711060 32.42%
Tether 1 $0.999605 -0.05%
Bitcoin Cash 32 $346.00 10.12%
Chainlink 59 $15.72 5.03%
Litecoin 80 $89.19 2.42%
Cardano 48 $0.167190 12.49%
Polkadot 48 $5.81 0.88%
Binance Coin 22 $32.86 8.22%

Cryptocurrencies rating

Top Crypto Brokers

Broker Status
1 FIBO Group information
2 XM information
3 OctaFX information
4 101investing information
5 T1Markets information
6 InvestLite information
7 Orbex information
8 easyMarkets information
9 LH Crypto information
10 USGFX information

Brokers rating

Top Crypto Exchanges

Exchange Volume change, 24h
1 Binance 36.37%
2 ZG.com 2.65%
3 HBTC 13.25%
4 CITEX 11.02%
5 TAGZ Exchange 11.50%
6 Bidesk 14.76%
7 IDCM -11.63%
8 Bitribe 17.13%
9 Binance.KR 33.14%
10 Chiliz 16.90%

Exchanges rating