Robert Hackett May 15, 2018
Circle, one of the biggest U.S. cryptocurrency startups, has raised a new round of funding that lifts its private valuation to nearly $3 billion—more than six times what it was worth in 2016. The deal comes just a few months after Circle purchased Poloniex, a Boston-based cryptocurrency exchange, for roughly $400 million, as Fortune’s reporting first revealed.
Bitmain, the biggest Bitcoin mining company in China, has led the $110 million funding round. The investment has linked two of the biggest cryptocurrency companies from the world’s two biggest markets.
Jeremy Allaire, Circle’s CEO and co-founder, told Fortune that he sought new funding to support his company’s continued expansion as well as to establish a new value for its equity. Moreover, he said, Bitmain’s view of the digital evolution of the financial industry aligns with his own.
“There’s really a shared vision that crypto infrastructure is going to be the foundation of a new global economic order that’s going to restructure how economies work and how capital works,” Allaire said.
Jihan Wu, Bitmain’s cofounder and director, echoed Allaire’s sentiments in an interview with Fortune. Right now, he said, “financial markets are quite segmented inside each nation. The blockchain can connect these financial markets together and improve their efficiency.”
A key part of the that shared vision involves Circle’s plan to release a so-called stable coin, a virtual currency whose price is pegged to the U.S. dollar and can serve as a digital medium of exchange. This project, called Circle USD Coin, or USDC, will initially take the form of tokens minted on top of the Ethereum cryptocurrency network.
Tether, another virtual currency that has attempted to tie the price of its tokens to U.S. dollars, has faced criticism for its opacity. Circle’s Poloniex is a major venue on which Tether is traded.
Bitmain is planning to help Circle create a variety of stable coins based on different currencies around the world, like the Chinese renminbi or Japanese yen. As part of its investment, Bitmain said it would join Circle’s Centre initiative, a subsidiary focused on making payments interoperable between digital wallets online.
Wu said he is bullish on what these coins may enable. “I think in the future the markets are not only about cryptocurrencies and ICOs”—or initial coin offerings—”but about stable tokens and traditional verticals like bonds and stocks.”
Allaire agrees. “We’re racing to get this launched,” he said of the stable coins. “The next wave of growth in a broader range of tokenized assets depends on this existing.”
Circle’s new valuation makes it one of the highest privately valued U.S. cryptocurrency startups. Rivals include Coinbase, which was last valued at $1.6 billion but is said to be seeking new valuation of $8 billion. Robinhood, a stock trading app that recently entered the cryptocurrency market, is now privately valued at $5.6 billion.
Founded in 2013, Bitmain has swelled to a private valuation of $12 billion with revenues of $2.5 billion last year, said Wu.
Other investors in Circle’s new round of funding include IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera, along with new investors, Blockchain Capital and Tusk Ventures. Notably absent from the term sheet is former investor Goldman Sachs.
Goldman Sachs recently announced its intention to create its own Bitcoin trading desk.
作为美国最大的隐匿性创业公司之一，它已经发起了一轮新的融资，将其私人估值提升到近30亿美元，是其价值2016倍的六倍。这项交易是在圆圈购买Propix，一个基于波士顿的CurkururrExchange，大约4亿美元，几个月后，FuneWPA60607QTES报告首次披露。Bitmain，在中国最大的比特币采矿公司，带动了1亿1000万美元的一轮融资。这项投资将两家最大的加密公司从世界最大的两个市场WPAP60300 7QTEs联系起来。Jeremy Allaire，CalkWAP60607QTES首席执行官和共同创始人，告诉财富，他寻求新的资金，以支持他的公司WPAP60300 7QTES的持续扩张，以及建立一个新的价值为其权益。此外，他说，BITMIWWAPPAP6037QTES对金融业的数字化发展的看法与他自己一致。WPA60604QTTEWPAP60300 7QTES真的是一个共同的愿景，即密码基础设施将成为一个新的全球经济秩序的基础，WPA60607QTES将重组经济如何运作以及资本如何运作，WPA60606QTE Aelaar说。吉汉武，BITMIWPOP60607QTES的共同创始人兼导演，在《财富》杂志的采访中回响了AlaelReWPAP60300 7QTE的情感。现在，他说，WPAP60300 4QTED金融市场在每个国家内部都是相当细分的。B股链可以将这些金融市场连接起来，并提高它们的效率。WPAP60300 6QTE是共同愿景的一个关键部分，包括CirkWAPP60300 7QTES计划发布所谓的稳定货币，一种虚拟货币，其价格与美国元挂钩，可以服务。E作为一种数字交换媒介。这个项目，称为圆美元硬币，或USDC，最初采取令牌的形式铸造在Ethurm加密网络的顶部。另一种试图将令牌的价格与美国美元挂钩的虚拟货币——枷锁，因其不透明性而受到批评。PrulWAP60607QTES PrONIEX是一个主要的场所，系绳交易。Bitmain计划帮助圈基于世界各地的货币创造各种稳定的硬币，比如中国的人民币或日元。作为其投资的一部分，BITMIN公司表示，将加入CaleCWP60607QTES中心倡议，一个子公司专注于使支付在数字钱包网上互操作。吴说，他看好这些硬币可能使。WPA60604QTII认为，未来市场不仅是关于密码和ICOWPAP60300 6QTE或初始硬币提供- WPAP60300 6QTET关于稳定令牌和传统垂直线如债券和股票。WPAP60300 6QTEAllaire同意。WPA60304QTEWWPAP60300 7QTEE赛车获得这一启动，WPAP60300 6QTE他说，稳定的硬币。WPA60604QTET-更广泛的令牌化资产的下一个增长波取决于这一存在。WPAP60300 6QTE CPLILWPA60607QTES新的估值使其成为私人价值最高的美国密码公司初创企业之一。竞争对手包括Cin Basic，该公司上次估值为16亿美元，但据说将寻求80亿美元的新估值。罗宾汉，一个股票交易应用程序，最近进入密码管理市场，现在私人价值为56亿美元。吴说，BITMEN成立于2013，去年的私人估值为120亿美元，去年收入为25亿美元。其他投资者在PrCapWap60607QTES新一轮融资包括IDG资本、布雷耶资本、通用催化剂、AcEL、数字货币集团和Pantera，以及新投资者、B股链资本和图斯克风险投资公司。特别是缺少前表是前投资者戈德曼萨克斯。戈德曼Sachs最近宣布有意创建自己的Bitcoin交易平台。
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