NewsCoins

USDC-Creator Circle Snares $440 Million in Funding Round

The cash came from a number of high-profile backers, including Digital Currency Group and FTX.

1 min read
Coinbase and Circle launched the USDC stablecoin. Image: Shutterstock

Crypto payments company Circle today announced that it has raised $440 million in a funding round. 

The company, which is behind the US Dollar Coin (USDC), the eighth-biggest cryptocurrency by market cap and the second-largest stablecoin behind Tether, said the cash came from top investors.

These include Digital Currency Group, Fidelity Management and Research Company, and cryptocurrency exchange FTX, according to the release. 

“With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team,” said Circle co-founder and CEO Jeremy Allaire. 

The company added that the money will be used “to drive our market expansion and growth.”

A spokesperson told Decrypt, "We're seeing customer demand around the world and to support accelerated growth we plan investments in every region."

Circle works to help online businesses adopt stablecoins and send payments. Along with Coinbase, the US’s first public cryptocurrency exchange, the company launched USDC in 2018. Circle has since attracted top talent in the peer-to-peer payments industry, including the ex-executive vice president of Facebook’s Diem.

Stay on top of crypto news, get daily updates in your inbox.