Published On: Wed, May 16th, 2018

Circle Raises $110Mn With Plans to Launch USD-Backed Coin

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The cryptocurrency based firm Circle announced it has raised $110Mn USD in a Series E fundraising round led by the Chinese firm Bitmain Technologies. Circle now joins Coinbase as one of the most well-funded cryptocurrency companies in the U.S., and the Boston-based firm has announced plans to issue a dollar-backed cryptocurrency called USD-C.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Circle Raises $110Mn — Plans to Launch Stablecoin
Circle has big plans ahead for its latest mobile project called ‘Centre’ while also revealing its plans to create a stable coin much like the currency Tether (USDT). Furthermore, the firm has raised $110Mn in a Series E funding round that included investors such as Bitmain Technologies, Blockchain Capital, Pantera, Digital Currency Group and other venture firms. In addition to the injection of capital, Circle says it is planning to launch a new cryptocurrency that is backed by the price and reserves of USD.
The company’s new token will be called ‘USD-C’ and based off of the Ethereum network. According to the Circle, the firm’s subsidiary ‘Centre’ project will manage the USD-C protocol. Circle feels a cryptocurrency …

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