Circle has announced the launch of a venture capital fund, the main purpose of which will be to invest in attractive projects in the field of blockchain and digital assets.
“We announced the launch of Circle Ventures. We will be investing in teams and projects that align with our core mission of increasing global economic prosperity through the frictionless exchange of financial value” said Circle CEO Jeremy Allair.
Today, we announced the launch of Circle Ventures. We will be investing in teams and projects that align with our core mission of increasing global economic prosperity through the frictionless exchange of financial value. https://t.co/IYaEU5S8ak
— Jeremy Allaire (@jerallaire) November 9, 2021
The Circle is the main operator of USDC stable coin with a market cap of $34.4 billion. The firm also operates SeedInvest, a crowdfunding platform for startups.
“Since our inception, Circle has envisioned how to help scale the greater blockchain and crypto ecosystem,” said Jeremy Fox-Geen, CFO at Circle. “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.”
Circle did not disclose the size of the fund, the company previously announced making USDC stable coin into a commercial cryptocurrency bank for which In May 2021, Circle raised $440 million in funding from FTX, Digital Currency Group, Fidelity Management, Valor Capital Group, and other investors.
Recall that in July, Circle revealed plans to enter the stock market through a SPAC deal with Concord Acquisition and received an evaluation of $4.5 billion.
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