Circle raises $440 million from FTX, DCG, Fidelity and other investors

The cryptocurrency company Circle closed a $440 million financing round. The investments came from FTX, Digital Currency Group, Fidelity Management, Valor Capital Group, and other venture firms.

1/4 ANNOUNCEMENT: Circle has raised $440M in a strategic financing to accelerate our growth and market expansion. This comes on the heels of extraordinary growth in USDC adoption, and acceleration across our business. https://t.co/RbWg4O90B1

— Jeremy Allaire (@jerallaire) May 28, 2021

The raised funds will be used by the issuer of the USD Coin (USDC) stablecoin to accelerate growth and expand the team.

\”With the backing of influential supporters who share our mission and vision, we will double our efforts to enter new markets and continue to advance fundamental technological innovations,\” said Circle co-founder and CEO Jeremy Allaire.

Earlier, the overall market capitalization of stablecoins surpassed $100 billion. USDC, with a market cap above $21 billion, ranked second after Tether (USDT).

According to two sources The Block, Circle plans to go public via a SPAC, bypassing an IPO. The company is reportedly aiming for a $4 billion valuation.

Earlier in March, Circle introduced a payments solution for NFT platforms and providers.

In January, the company simplified the conversion of USDC into US dollars.

Read ForkLog’s bitcoin news on our Telegram — crypto news, prices and analysis.