Goldman Sachs-Backed Startup Launching 'Price-Stable' US Crypto Dollar

Bitmain Leads Circle’s $100 Million Round Teams Up to Create Stable Coin

More than a technical novelty, Allaire positioned the stablecoin project as essential to Circle's maturation and continued expansion, painting it as integral for its mobile payments application, its over-the-counter (OTC) trading business and its exchange service. Now, they have more resources to try and execute that vision.

Circle, a U.S. cryptocurrency startup which counts Goldman Sachs among its backers, has closed a US$100 million Series E funding round that lifts the firm's private valuation to almost US$3 billion.

Goldman Sachs-backed (GS.N) cryptocurrency startup Circle has raised $110 million in an investment round led by Chinese virtual coin mining giant Bitmain Technologies, Circle said on Tuesday.

Existing Circle investors including Breyer Capital, General Catalyst and Accel also joined the round. Jumping on the Ethereum bandwagon Following the close of the round, Circle said it would create a new cryptocurrency, that uses the Ethereum blockchain, with it's value "pegged to the price of the USA dollar", according to Reuters.

Earlier, Poloniex was using the USDT token by Tether, however, after a lot of questions being raised about the suspicious operations of Tether in the recent past, Circle made a decision to have its own stablecoin. The company has also previously received funding from Goldman Sachs and Baidu.

Circle is having a big year. By providing a cryptocurrency backed by fiat money, Circle hopes USDC will provide a life raft from the crashing waves and popping bubbles of a still-stormy market.

Fracking: Government promises 'faster and fairer' planning decisions
Permission to frack would also be the remit of a central government agency and not local councils; the representatives of local people.

FIFA Ranking: Nigeria remains 47th position, 6th in Africa
Democratic Republic of Congo are third followed by Morocco and Egypt in the fourth and fifth places respectively. Nigeria has retained her last month Coca Cola FIFA world ranking on 47th position and sixth in Africa in May.

Attorneys react to MSU Nassar settlement
Any suggestion that the university engaged in a coverup is "simply false", a school statement said. The $500 million settlement only applies to MSU and school officials who were sued.

Bringing Poloniex into the fold put Circle on track to generate more than $1 billion in annual revenue, Fortune reported.

But while Circle's funding round and valuation are likely to grab a majority of headlines, it's perhaps its launch of a USA dollar cryptocurrency initiative with participation from Bitmain that may most impact the crypto market.

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 US dollar reserves.

It's clear that Circle wants to build the infrastructure of the cryptocurrency industry. "As I like to say, go in through the front door-don't go hide in the shadows", Allaire told xconomy.

Circle says the goal of their United States dollars coin is to provide "detailed financial and operational transparency, operating within the regulated framework of USA money transmission laws". It will be run on a network managed by Centre initiative, Circle's subsidiary focused on making payments interoperable between digital wallets online. Circle Internet leverages blockchain technology capabilities to offer peer-to-peer payment services. "Something like this makes it more possible".

Related news:

Hot News

isis-killer-beheading-video-story-top Android Go Powered Nokia 1 Gets its First Price Cut
May 18, 2018 - 15:35
The smartphone is backed by a 3060mAh battery with support for Qualcomm Quick Charge 3.0 fast charging support. The company says the glass body comes with a sleek frame and a compact form factor that makes it easy to hold.

isis-killer-beheading-video-story-top Pitt-Penn State game goes national
May 18, 2018 - 15:31
More than 6,300 new season tickets have been sold for the 2018 season presented by PSECU. He picked Penn State over Pitt, Mississippi State, and Temple, among other schools.

isis-killer-beheading-video-story-top Spielberg and DiCaprio in talks to reunite for Ulysses S. Grant biopic
May 18, 2018 - 15:26
After Lincoln was assassinated, Andrew Johnson was briefly president before Grant was elected and served from 1869 to 1877. However, it is not known when he would fit filming into his schedule, as he already has a number of films on his plate.

isis-killer-beheading-video-story-top Samsung Galaxy J6 with Infinity Display Launch on May 21: Features, Specifications
May 18, 2018 - 14:54
As far as the photography hardware is concerned, it is expected to come with a 13MP camera on the back and an 8MP front snapper. Galaxy J6 will have a 2GB, 3GB and 4GB RAM options, along with 32GB and 64GB storage, which will be expandable.

isis-killer-beheading-video-story-top Brutal Trailer Hits for Lars von Trier's THE HOUSE THAT JACK BUILT
May 18, 2018 - 14:01
Variety's Ramin Setoodeh posted a picture of people leaving, saying: "I've never seen anything like this at a film festival". People have also heaped praise on the film by terming it as one of Von Trier's best works to date.

isis-killer-beheading-video-story-top Engler says Michigan State will 'emerge stronger' following $500M Nassar settlement
May 18, 2018 - 13:49
We will continue working as a Board to address the necessary changes and improvements that are needed at our university ". Imagine going into a settlement conference and having a half-billion dollars as your best payout case scenario.

isis-killer-beheading-video-story-top Kilauea volcano erupts, Hawaii hands out 18000 ash masks
May 18, 2018 - 13:48
It comes after more than a dozen fissures recently opened miles to the east of the crater and spewed lava into neighbourhoods. Hoyt explained the biggest concern though is the toxic sulfur dioxide that's seeping from the fissures caused by the volcano.

isis-killer-beheading-video-story-top Starbucks aims to double its China store count by 2022
May 18, 2018 - 13:41
Now, the firm says that it aims to nearly double the number of coffee shops it has in the world's second-largest economy. Its business is growing must faster than the expectations in China and in other countries too.

isis-killer-beheading-video-story-top Trump pleased by North Atlantic Treaty Organisation allies' defense spending
May 18, 2018 - 13:32
He also complained that Germany buys "massive amounts of gas from Russian Federation and paying billions and billions of dollars". The issue of military investment, or lack of it among NATO's European members, has dominated Trump's agenda with allies.

isis-killer-beheading-video-story-top Shots fired at Trump's golf resort in Florida, suspect arrested
May 18, 2018 - 13:30
Unlike past presidents, Trump refused to fully divest from his businesses when he assumed his role in the White House. Trump National Doral golf course in Florida showed a drop from $115.9 million to $75.8 million over the period.

isis-killer-beheading-video-story-top Mehbooba thanks PM Modi, Rajnath Singh for Ramadan ceasefire in Kashmir
May 18, 2018 - 12:54
Nuclear-armed India and Pakistan each administer part of Kashmir, but both claim it in its entirety. Mir also thanked all the parties who spoke in unison to demand the Ramazan ceasefire.

isis-killer-beheading-video-story-top Environmental lawyers in push to stop gas pipeline in Finland
May 18, 2018 - 12:46
Mr Whittingdale said: "Does he share the widespread concern about the proposed Russian gas pipe line Nord Stream 2". For this, the US President promised Berlin to start a discussion on a new "trade deal" between the US and the EU.

isis-killer-beheading-video-story-top Frank Lampard is excited over our family expansion, says wife Christine
May 18, 2018 - 12:41
Christine has often spoken about her thoughts on becoming a mum both on Loose Women and in interviews. Fans and celebrities alike have been quick to congratulate the couple on social media...

isis-killer-beheading-video-story-top Trump, Uzbekistan president talk Afghanistan
May 18, 2018 - 12:38
The two leaders condemned extremism and global terrorism, and vowed to strengthen cooperation against these common threats. The country sits on Afghanistan's northern border and provides a crucial supply route for US forces.

isis-killer-beheading-video-story-top CBS Controlling Shareholder Tightens Control Amid Feud
May 18, 2018 - 12:26
The ruling sent shares of CBS shares down as much as 7.2 percent to $49.95, the biggest intraday decline in nearly three years. We remain confident that we will prevail in the lawsuit previously filed by CBS and the members of its Special Committee.