Circle Raises $110 Million, Plans To Develop Dollar-Pegged Digital Currency

Share
Circle Raises $110 Million, Plans To Develop Dollar-Pegged Digital Currency

Circle shared the great news that it managed to raise $110 million via a Series E fundraising round that was led by the Chinese company Bitmain Technologies.

The round also included support from: Accel, Blockchain Capital, Breyer, Digital Currency Group, General Catalyst, IDG, Pantera and Tusk Ventures.

After Circle acquired popular cryptocurrency exchange Poloniex earlier this year, the company has been seen making some developmental changes with respect to the services on the platform.

Along with the new investment, Circle also announced that it would create a new cryptocurrency pegged to the price of the USA dollar, which is meant to solve a key problem in digital currencies' use case: volatility.

Circle is developing USDC based on the open-source fiat Stablecoin framework developed by its own affiliate, CENTRE.

Bitmain will also join CENTRE in building USDC.

Backing USDC will be a new group called CENTRE that will provide independent oversight of USDC's development, promotion, stability and its guarantee of being tied to actual USA dollar reserves. Circle claims the partnership will help drive global interoperability that benefits consumers, business ventures, institutions, and marketplaces everywhere. Bitmain will be a partner in the effort; the plan is for the company to help Centre launch multiple fiat-backed cryptocurrencies, Circle said.

It is hard to use something like bitcoin if the volatility is so high. This new USDC will make digital tokens that much more appealing to the masses. It unlocks an incredible amount of power for the dollar.

In a blogpost, Allaire and Neville explained: "A price-stable currency, such as a token pegged to the USA dollar, is critical for enabling mainstream adoption of blockchain technology for payments as well as for supporting maturation in financial contracts built on smart contract platforms, such as tokenised securities, loans and property". According to the company, the invention of blockchain-based computing and cryptographic assets has brought in a new era of the 'open internet.' However, it adds that 'a price-stable medium of exchange and store of value is missing, ' which is needed for 'global financial interoperability to function reliably and consistently'.

Further, Circle claims they would be open to detailed and transparent financial & operational audits since they operate within the regulated framework of U.S. money transmission laws. "It is built on an open source framework with an open membership scheme that eligible Financial Institutions (FI) can participate in (Centre)".

Itself based on the Ethereum ERC-20 token standard, USDC will be available to anyone who has completed a KYC process.

Share

Advertisement

Related Posts

OnePlus 5 and 5T beta update adds Launcher and Switch improvements
OnePlus is rolling out new updates to OnePlus 5 and OnePlus 5T , but these are specific to those in the Open Beta program. The former is receiving OxygenOS Open Beta 10, while the latter gets bumped to OxygenOS Open Beta 8 .

Shirebrook-born World Cup victor Ray Wilson dies aged 83
The Football Association added: "We are shocked and saddened to hear of the passing of World Cup victor Ray Wilson". Wilson's death was announced as England boss Gareth Southgate named his squad for this summer's World Cup.

Maradona becomes Belarus football club chairman
They face BATE in the Belarusian Cup final on Sunday, where they will seek to defend the trophy they won a year ago . He will assume his duties after the end of the world Cup, which will start soon in Russian Federation .

College grad wears gun holster with AR-10 in her graduation photos
She took major backlash online, including death threats from people who thought the picture was in incredibly poor taste. Some Twitter users were upset that Kaitlin chose to take the images with the AR-10, while others supported her decision.

Preakness 2018 Draw and Odds: Justify Is Overwhelming Favorite
Justify , the victor of the 144th Kentucky Derby , is headed to Pimlico to get ready to run for a chance at the triple crown. ET on TSN2 as the top performing thoroughbreds in the world compete in the Middle Jewel of the American Triple Crown .

Facebook adds new Stories features, starting in India
This feature is coming in next few weeks. "You will be asked if you want to archive your Stories, and you will need to tap "OK". Voice posts will let users record an audio message to be played alongside an image of their choosing in their Story.

Yet Another Report Claims Earlier Than Expect Galaxy Note 9 Launch
The invite reads, "Say Hello to Infinity and More", indicating that the upcoming smartphones will have Infinity Displays. Talking about the optics, the upcoming smartphone could sport a 13-megapixel rear camera and 8-megapixel front camera.

Batman Prequel Series About Alfred Coming From 'Gotham' Producer
To The Movies trailer, Pennyworth will chart the days of Alfred before he is responsible for Bruce's care. The ten-episode first season of Pennyworth is set to premiere in 2019.

'Murphy Brown' Revival To Take On Cable Morning Show Wars: More Details
CBS has officially revealed its TV lineup for fall 2018 , its first in years that will not feature Thursday Night Football. CBS looks to be partying like it was 1988, a year when "Magnum", " MacGyver " and " Murphy Brown " were on the air.

Dallas airline workers indicted in smuggling scheme
One of those indicted was named as a Spirit Airlines employee and another was named as a former Spirit employee. The fake drugs then made their way to cities including Newark, Phoenix, and Charlotte, North Carolina.

© 2015 ExpressNewsline. All Rights reserved.