Bitmain Bets $110 Million That Circle Can Create the One True Stablecoin

Circle raises $110 million

			Romain Dillet

   	15 hours

Circle raises $110 million Romain Dillet @ 15 hours

The new digital currency will be initially issued by the company, and it will run on a platform that is managed by a wholly owned division of the company - Centre. You should not treat any information on as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc.

Circle reveals some pretty bold plans involving the latest mobile project called Centre besides announcing that it aims to create a stable coin.

A token pegged to the USA dollar is critical for enabling mainstream adoption of blockchain technology for payments, he says, as well as for supporting maturation in financial contracts built on smart contract platforms, such as tokenized securities, loans, and property. "If I got United States dollar coins from Circle, I could transmit those to another digital wallet for an issuer", Circle CEO Jeremy Allaire told CoinDesk.

Circle Internet should be able to generate more revenues in 2018 with the unveiling of the new coin even though cryptocurrency trading volumes have taken a hit in recent months.

Itself based on the Ethereum ERC-20 token standard, USDC will be available to anyone who has completed a KYC process. It should be noted that Bitman stands out as one of the world's largest crypto mining forms apart from being a leading maker of the hardware used in the mining process.

Bitmain is investing $110M in the development of the CENTRE platform and its USDC project as well as series E strategic investment in Circle.

Existing Circle investors including Breyer Capital, General Catalyst and Accel also joined the round.

The company was valued at about $480 million in 2016 having previously raised a total of $136 million.

Circle also reported that Bitmain is one of the most important and forward-thinking companies in crypto, and has become a critical infrastructure provider for the entire crypto economy. Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology. Without naming Tether or Bitfinex, the Circle founders stated that other stablecoins "have lacked financial and operational transparency" and "operated in unregulated jurisdictions". This partnership will help drive global interoperability that benefits consumers, business ventures, institutions, and marketplaces everywhere. Essentially, USD will be a cryptocurrency that boasts the freedom of a cryptocurrency, with the safety and balance of the US FIAT currency.

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