Home News Circle launches Venture Fund for early-stage blockchain projects

Circle launches Venture Fund for early-stage blockchain projects

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A peer-to-peer payments technology company Circle has announced the launch of a venture fund, the main purpose of which will be to invest in “most interesting and exceptional” projects in the field of blockchain and digital assets at early stages.

“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”. Co-founder and chief executive officer of Circle, Jeremy Allaire posted on Twitter.

In addition to providing Internet payment services, the company is the main operator of the USDC stablecoin. With a capitalization of $34.6 billion, according to CoinGecko.

Supporting innovators and entrepreneurs in the industry

Circle also operates a crowdfunding platform for SeedInvest startups. Companies from the Circle Ventures portfolio will have access to it. Moreover, the network has more than 500 thousand investors.

Jeremy Fox-Geen, the company’s chief financial officer, said in the statement that since the creation of Circle, they have been considering how to help scale the blockchain and cryptocurrency ecosystem.

Circle Ventures is another way to support innovators and entrepreneurs in the industry and identify attractive companies, technologies, projects and protocols at an early stage to realize their mission. Circle did not disclose the amount of the fund. But clarified that it already has the initial capital.

A global digital currency bank

Recall that previously in August, the company announced a restructuring into a “national bank for digital currencies”. Jeremy Allaire said that the company will be able to create a global digital currency bank that will provide hassle-free; instant and near-free payments that combine fiat reserve currencies with public ones. He also noted that this will ultimately be the development of open networks to support new forms of capital accumulation and intermediation, without blockchain permissions.

Earlier in July, Circle revealed plans to enter the stock market through a SPAC deal with Concord Acquisition and received an estimate of $4.5 billion.

Under the agreement, Irish holding company acquired Concord Acquisition Corp and Circle. Also, became publicly traded under the ticker CRCL on the New York Stock Exchange. Upon completion of the transaction, Circle became the world’s first publicly traded stablecoin company.

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