Crypto startup Circle is seeking $250 million in new funding

03 Mar, 2019
by Richard Allen
News
Crypto startup Circle is seeking $250 million in new funding

One of crypto’s biggest startups, Circle is looking to raise about $250 million in a combination of debt and equity, according to an unnamed source that has direct knowledge of the plans, TheInformation reports.

Since its inception, Circle has grown from strength to strength. It acquired crypto exchange Poloniex last year and runs an institutional trading platform called Circle Trade. To date, the company has raised $246 million from various investors including Goldman Sachs and Baidu. Last year the company was valued at almost $3 billion.

During an interview with Circle CEO Jeremy Allaire, he confirmed that the company is always looking for different sources of capital but declined to comment on any specific efforts. It’s possible that Circle may have to accept a lower valuation.

Read more: USDC releases 4th audit report, auditor's independence is questioned

Allaire went on to say that the drop in Bitcoin’s price has resulted in a drop in trading on the exchange which makes most of its revenue from trading fees. Even so, Allaire stated that revenue had seen growth between 2017 and 2018.

Circle is the latest crypto company to raise money. In October last year, Coinbase announced that it had raised $300 million in funding led by Tiger Global Management.

Read more: Coinbase adds $300 milllion in funding taking its total valuation to $8 billion

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Add a comment

i'd not help scam usdc to raise money
03 Mar, 2019 - 19:16
hope circle will be destroyed and not raise any money
03 Mar, 2019 - 20:03
everyone who uses Circles products must be wary, as they'll be the source of these $ 250 million
03 Mar, 2019 - 20:22
the circle company always looks for new money because it's normal for scam try to get maximum amount of money
03 Mar, 2019 - 20:53
I'm not surprised that most who invested in usdc have problems because their funds were frozen, Circle needs money
03 Mar, 2019 - 22:01
very interesting. after last acquisition of poloniex i was waiting changes at the exchange however i can now only see negative ones. very very bad service from both companies
04 Mar, 2019 - 16:46
Why don't you write how much Circle stole from their users? Isn't it a source of income?
04 Mar, 2019 - 19:25
Circle is still raising money, because its management is greedy and they always want more money.. think about it.
04 Mar, 2019 - 20:36
i hope circle will not raise money and will leave the crypto market
05 Mar, 2019 - 22:52
Circle recent bad investments like bought of Poloniex show that the company likes to spend money for nothing.
06 Mar, 2019 - 23:56
looks like circle has totally failed with the acquistion of poloniex and now they are in search for a new investments. very suspicious company
09 Mar, 2019 - 10:00
usdc is a company still working without audit. people stop give money to it
10 Mar, 2019 - 22:42
i have big doubts about circle and coinbase. these are two big crypto companies however each does a lot of controversial stuff and can turn out to be simple scams
12 Mar, 2019 - 10:24
the deal with poloniex was not success for circle. after this acquisition the exchange was getting worse and worse
19 Mar, 2019 - 08:44

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