With the latest investment, Circle aims to expand into new markets and continue driving fundamental technology innovation
Crypto finance company Circle has secured $440m in financing to support its growth and market expansion opportunities.
The investors, including Fidelity Management and Research Company, Marshall Wace, Intersection Fintech Ventures, Willett Advisors, Digital Currency Group, Atlas Merchant Capital, Breyer Capital, FTX, Pillar VC, Valor Capital Group, as well as Michael J. Price and Friends, have participated in the funding round.
With the new appointments, Circle expects to meet global demand for its products and services that are aimed at combining the existing financial system with breakthroughs in digital currency within payments and finance segments.
The crypto finance company is also a principal developer of USD Coin (USDC), which together with Coinbase and the Centre Consortium oversees the standards and protocol for the dollar digital currency, which now stands at $22bn in circulation.
USDC has grown by 436% this year alone and more than 28,000% over the past year.
Circle co-founder and CEO Jeremy Allaire said: “As a company, Circle has remained committed to our mission of raising global economic prosperity through the power of the digital currency, blockchains and breakthroughs in programmable money.
“The sustained global demand for our services powering the growth of USDC, as the most trusted and well-regulated dollar digital currency, signals that we are one step closer to achieving our mission.
“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.”
Recently, the company announced new appointments to its executive team, including Dante Disparte as chief strategy officer and head of global policy, Jeremy Fox-Geen, as CFO, Mandeep Walia as chief compliance and risk officer, as well as several new positions across the US and around the world.
Digital Currency Group founder and CEO Barry Silbert said: “Circle has been a pioneer in unlocking the potential of blockchain-enabled payments.
“With USDC’s extraordinary growth, Circle has established itself at the centre of a new generation of financial services and applications. We are proud to continue to partner with Circle to develop a better global financial system.”
FTX CEO Sam Bankman-Fried said: “Circle has been an experienced player in making fiat work on blockchains for nearly eight years and has built deep capabilities to ease payments in crypto.
“At FTX, we’re excited to partner further with Circle to help expand these capabilities to all crypto users.”