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.

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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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