Circle has set up a risk fund to support innovative blockchain projects
The cryptocurrency payment company Circle has set up a risk fund with the aim of supporting early-stage crypto projects. Company CFO Jeremy Fox-Green said:
“Circle Ventures is another way to contribute and we are excited to support innovators and entrepreneurs in our industry and identify early stage companies, technologies, projects and protocols that will help us accomplish our mission.”
Circle is headquartered in Boston and operates USD Coin as the second largest stablecoin in the world after Tether, while USDC has a market cap of $ 34.6 billion, according to CoinGecko. The company has raised $ 440 million in funding rounds backed by Digital Currency Group, FTX, and Valor Capital. The company has not disclosed the size of the fund, but it has provided seed capital for the new initiative. Circle’s mission to increase global economic prosperity through the smooth exchange of financial values was launched, as Fox-Green explained:
“Our simple goal is to support the most interesting and extraordinary people, projects and companies who contribute to this mission.”
One way to accelerate the growth of innovative projects is to make SeedInvest available as a startup fundraising platform operated by Circle. According to the company, SeedInvest has a huge network of over 500,000 investors with extensive experience in legally compliant capital formation on the Internet. The company also announced plans to become a national digital currency bank. The move comes as part of an SEC investigation into the company’s holdings and operations, but when completed Circle would be scrutinized by the Federal Reserve and other agencies.
The company plans to list shares to Circle through a reverse merger with Concord Acquisition Corp as a publicly traded, purpose-built acquisition company in a $ 4.5 billion deal.
As recently reported, the popular Sttelcoin issuer Circle has announced that it will expand support for USD Coin on the Hedera blockchain, making it the first token to be launched on the network.
Announcing the move in a press release, the company said users will be able to deposit, withdraw and transfer USDC based on the Hedera network as the first token launched on the network. Users can tap Hedera to pay and pay USDC as the company stated.