The cryptocurrency company Circle announced the launch of a venture fund, whose main objective will be to invest in attractive blockchain and digital asset projects at early stages.
“We will invest in teams and projects that align with our core mission of increasing global economic prosperity through the frictionless exchange of financial value,” Circle’s CEO Jeremy Allaire.
In addition to providing online payment services, the company is the primary operator of the stablecoin USDC with a market capitalization of $34.4 billion, according to CoinGecko.
The firm also operates the SeedInvest crowdfunding platform for startups. Portfolio companies of Circle Ventures will have access to it. The network counts more than 500,000 investors.
“Since Circle’s founding, we have looked at how to help scale the blockchain and cryptocurrency ecosystem. Circle Ventures is another way to support innovators and entrepreneurs in the industry and identify attractive companies, technologies, projects and protocols at early stages to realise our mission,” Circle’s CFO Jeremy Fox-Jin.
Circle did not disclose the size of the fund, but said it already has initial capital.
Earlier the company announced a restructuring into a commercial cryptocurrency bank.
In May 2021 Circle raised $440 million in financing from FTX, Digital Currency Group, Fidelity Management, Valor Capital Group and other investors.
Back in July, Circle revealed plans to go public via a SPAC deal with Concord Acquisition and received a valuation of $4.5 billion.
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