Cryptocurrency startup Circle reportedly seeks $250mn
Circle, one of the world’s leading crypto startups, is reportedly seeking investment of up to $250mn.
Sources have stated the firm, which has already seen investment from the likes of Goldman Sachs, Baidu and Bitmain, is looking for further investment – while CEO Jeremy Allaire has not confirmed this, but stated the company is constantly seeking sources of capital.
Circle operates the Poloniex cryptocurrency exchange which it acquired for $400mn, as well as institutional trading branch Circle Trade.
SEE ALSO:
- Payments provider Adyen’s market cap surges to $22bn
- Facebook moves closet to cryptocurrency launch
- South Africa’s Standard Bank to implement blockchain for overseas trade
- Read the latest issue of FinTech Magazine!
Following its latest funding round, which brought in $110mn, the company was valued at $3bn but this has reportedly seen a significant decrease. To date, the firm has raised a total of $246mn in capital.
Allaire, who co-founded the company, has said that its revenue grew between 2017 and 2018 despite overall decreases in cryptocurrency prices.
Circle markets itself as ‘people-centric’, stating that money has the power to connect people and aiming to afford customers the ability to “exchange just about anything of value”.