Circle launched venture fund that aims to help innovative blockchain projects to launch as we can see further in our latest cryptocurrency news today.
Crypto payments company Circle launched venture fund with one goal to support early-stage crypto projects. The company’s chief financial officer Jeremy Fox-Green said:
“Circle Ventures is another way to contribute, and we’re excited to support our industry’s innovators and entrepreneurs and identify compelling early-stage companies, technologies, projects, and protocols to help realize our mission.”
Based in Boston, Circle operates USD Coin as the world’s second-biggest stablecoin behind Tether while USDC has a market cap of $34.6 billion according to CoinGecko. The company raised $440 million in funding rounds backed by Digital Currency Group, FTX, and Valor Capital. The company didn’t disclose the size of the fund but it already deployed an initial capital for the new initiative. Circle’s mission to raise the global economic prosperity through the frictionless exchange of financial value is set in motion as Fox-Green stated:
“Our simple goal is to support the most interesting and exceptional people, projects, and companies that are contributing to this mission.”
One way to accelerate the development of the innovative projects will be through providing access to SeedInvest as a startup fundraising platform that is operated by Circle. As per the company, SeedInvest has a huge network of more than 500,000 investors that have deep experience with compliant internet capital formation. The company also announced plans to become a national digital currency bank. The move came amid the investigation by the SEC over the company’s holdings and operation but if completed, it will put Circle under heavy supervision from the Federal Reserve as well as other agencies.
The company is planning to go public through a reverse merger with the Concord Acquisition Corp as a publicly-traded special-purpose acquisition company in a deal that will value Circle at $4.5 billion.
As recently reported, Popular stabelcoin issuer Circle announced that it will be extending support for the USD Coin on the Hedera Blockchain which made it the first token to launch on the network. Announcing this move in a press release, the company said that the users are able to deposit, withdraw, and transfer the USDC based on the Hedera network as the first token to be launched on the network. The users can tap Hedera for USDC payments and settlements as the company noted.
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