The cryptocurrency startup Circle closed another round of e-series funding, led by the largest producer of Bitmain mining equipment and with the participation of Accel, Blockchain Capital, Breyer, Digital Currency Group, General Catalyst, IDG, Pantera and Tusk Ventures, CoinDesk reports.

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Thanks to the newly invested $ 110 million, the company's capitalization came close to the $3 billion mark, and against this news, Circle announced the release of its own "dollar token".

An ambitious plan to strengthen the position of products and services Circle for the cryptocurrency market involves the creation of a blockchain alternative asset that meets all legal requirements and will be supported by a Fiat national currency of the United States. The project will be launched on the basis of the CENTRE initiative.

The current round of funding Circle's Executive Director Jeremy Allar has designated as "as confirming that the company is a real conglomerate of cryptocurrency services, not just an exchange or a payment startup."

# "A fundamental part of our vision is open protocols that allow the free movement of value. One of the most important aspects is the availability of open and interoperable standards for transferring money in blockchains. And then come to the aid of "stable coins" and payment protocols, " — said Aller.

According to him, Stablecoin is more than just a technical novelty. The head of Circle noted the importance of the project for "growing up" and expanding the company, calling it "an integral part of applications for mobile payments, over-the-counter trading and exchange services."

As part of this vision, added Aller, mining giant Bitmain is the logical choice for the role of the organizer of the funding round. It is worth noting that the Director of Bitmain, Jihan Wu, visited a number of major American conferences in March, where he said that The company is ready to support high-tech alternatives to Central banks.

# "Jihan is a visionary who stands for the transformation of the global financial system . He believes in the long-term potential of Circle, " Aller added.

Although the increased capitalization and results of the current round of funding will attract the most attention in the media, the issue of a dollar-backed cryptocurrency with the support of Bitmain can have a much greater impact on the crypto-currency market.

According to Aller, this is a strategic move aimed at one of the most important aspects of the crypto-currency economy.

# "This is a large part of the market, as we have acquired Poloniex, it is exclusively a cryptocurrency exchange. On such a platform, people use something like Tether, and we see a lot of bottlenecks and problems associated with this token," said Aller.

Note licenzirovanie dollar USDT and issued his company Tether and the related exchange Bitfinex regularly become major and controversial characters of the news. For example, in April a number of media spread information that Bitfinex is used to launder money for Colombian drug cartels, and a little earlier area declared legal war known cryptocurrency blogger, who regularly criticized the company.

In turn, many experts note that Tether poses a serious threat to the crypto-currency market. At the time, bitcoin fell below $10 000 amid reports of interest in the startup and its associated crypto-exchanges Bitfinex from us regulators. Many users and experts have long accused Tether of releasing large volumes of unsubstantiated usdt tokens, which are traded on a number of exchanges, including Bitfinex and Poloniex.

It has also been repeatedly stated that the uncontrolled issue of USDT was the reason for the sharp rise in the price of bitcoin and other cryptocurrencies at the end of last year, which was subsequently replaced by a dump in January.

At the same time, the initiative Circle, which received not very original name USD-C, is positioned as an open source project and a more advanced management model.

According to the idea of the creators, regulated financial institutions, whether crypto-exchanges or payment providers, will receive the authorization of the CENTRE for the issue of "stable coins", while many of them already provide services for the production of Fiat-backed crypto-currencies.

# "Circle may be the Issuer of the dollar coin, Square may. If I received USD-tokens from Circle, I can freely transfer them to the digital wallet of another Issuer," Aller added.

He also noted that the global strengthening of the position and development of the exchange and Fiat cryptocurrency ecosystems will benefit other Circle products, including mobile financial applications.

In addition, the company has published a new White Paper of its project and a list of frequently asked questions, which is designed to shed light on many aspects of USD-C. For example, the document clarifies that the tokens will be issued on the basis of the Ethereum blockchain.



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