Crypto Firm Circle Raises US$440 Million, Considers US$4 Billion SPAC Deal31 May 2021
Circle, creator of the second largest stablecoin USDC, announced it has raised US$440 million in financing from leading institutional and strategic investors.
The financing included investments from leading private equity, institutional and strategic investors, including Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Intersection Fintech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Valor Capital Group, Pillar VC, as well as Michael J. Price and Friends.
The funds will be used to fuel the company’s continued growth, organisational development and market expansion opportunities.
On the heels of recruiting world-class leaders to Circle’s executive team, including Dante Disparte, as Chief Strategy Officer and Head of Global Policy, Jeremy Fox-Geen, as Chief Financial Officer, Mandeep Walia as Chief Compliance and Risk Officer, along with hundreds of open roles across the U.S. and around the world, Circle is now poised to meet significant global demand for its products and services aimed at marrying the existing financial system with breakthroughs in digital currency within payments and finance.
Underpinning this growth is Circle‘s principal contribution in the rapid rise of USD Coin (USDC) which now stands at $22 billion in circulation. USDC has grown by 436% in 2021 alone, and over 28,000% over the past 12 months.
The funding was said to have come ahead of a potential special purpose acquisition vehicle (SPAC) deal according to a report by The Block which cited unnamed sources.
Circle’s target valuation for the SPAC is said to be US$4 billion.
“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,”
said Jeremy Allaire, Circle Co-Founder and CEO.
Featured image credit: Jeremy Allaire, Circle Co-Founder and CEO
This article first appeared on fintechnews.ch