profishingrods.com
profishingrods.com September 21, 2018


Goldman Sachs Have Turned USD Into A Cryptocurrency Hybrid

18 May 2018, 03:35 | Joann Bryant

Bye-bye USD Tether? Circle Partners with Bitmain to Issue USD Coin

Circle Grabs $110M, Will Launch US Dollar-Backed Cryptocurrency

But Circle is more focused than ever on cryptocurrencies.

Announced Tuesday, Circle has closed a $110 million Series E fundraising, a figure that effectively values the startup at almost $3 billion, according to figures from the company.

Dublin peer-to-peer payments and wallet platform Circle is now understood to be valued at almost $3bn after it closed a $110m Series E funding round led by Chinese bitcoin-mining player Bitmain. Along with Bitmain, others participating in the $110 million investment round include IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, Pantera (all previous investors) and new investors Blockchain Capital and Tusk Ventures.

A new project is offering bitcoin investors a refuge from market volatility., a US-based company for online payments, announced the launch of USD Coin, a dollar-pegged token on the Ethereum blockchain.

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 chose to have its own stablecoin.

This week's moves further reflect Circle's on-again, off-again enthusiasm for cryptocurrencies - or at least, their overt endorsement of them in public.

Circle is having a big year. "People will also not be able to mine the USD Coin in the same way other cryptocurrencies can be generated, as the only way to acquire them is to buy them".




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

In an interview with Xconomy, Allaire made it clear that the company isn't interested in the shady side of the crypto space.

Indeed, Allaire isn't alone, as many commentators have sought to position Tether as a systemic weakness that, through its affiliation with the troubled exchange provider Bitfinex, a company that has struggled with regulatory issues, threatens the integrity of the market.

Circle doesn't want its USD Coin to be subject to the instability and inflation inherent to other unregulated cryptocurrencies, so it will tie the value of a coin to that of a USA dollar, according to CNBC. "USDC provides a full reserve USA dollar-backed stablecoin, and is based on the open source fiat stablecoin framework developed and governed by CENTRE, which will provide independent oversight of Circle's offering".

Working with regulators and established banks has been one of Circle's operating principles, unlike some in the cryptocurrency sector. "As I like to say, go in through the front door-don't go hide in the shadows", Allaire told xconomy.

The USD-C token will be based off of the Ethereum network, and Circle's subsidiary company, Centre will manage its protocol.



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