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Blackrock, Fidelity to Invest in Crypto Firm Circle’s $400 Million Funding Round

News Feed - 2022-04-13 11:04:28

Blackrock, Fidelity to Invest in Crypto Firm Circle"s $400 Million Funding Round


Blackrock, Fidelity, Marshall Wace, and Fin Capital are investing in crypto firm Circle. In addition, Blackrock, the world’s largest asset manager, has entered into a broader strategic partnership with the crypto firm. Blackrock, Fidelity, Marshall Wace, Fin Capital to Invest in Circle


Circle Internet Financial announced Tuesday that it has entered into an agreement for a $400 million funding round with investments from Blackrock Inc., Fidelity Management and Research, Marshall Wace LLP, and Fin Capital.


Circle is the issuer of USD Coin (USDC). The stablecoin USDC has a market cap of about $51 billion and market dominance of about 2.58% at the time of writing, based on data from Bitcoin.com Markets.


Expanding on its partnership with Blackrock, the world’s largest asset manager, Circle detailed: In addition to its corporate strategic investment and role as a primary asset manager of USDC cash reserves, Blackrock has entered into a broader strategic partnership with Circle, which includes exploring capital market applications for USDC.


Jeremy Allaire, co-founder and CEO of Circle, commented: “Dollar digital currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure sits at the center of that change.” The funding round is expected to close in the second quarter.


Allaire further explained the significance of the partnership with Blackrock and investments from other major companies in a series of tweets Tuesday.


“With the Blackrock partnership, we are expanding on our existing relationship with Blackrock for managing significant assets for the reserves that back USDC to explore new ways that USDC can be adopted in tradfi capital markets applications,” he described.


The Circle CEO concluded, “As the U.S. seeks out a leadership role in digital currency, we firmly believe that the strength of private sector innovation, building on an open financial system on public blockchains, can cement America’s leadership role in the internet economy,” elaborating: This is a huge milestone on the road towards mainstream adoption of digital currency. Tags in this story Blackrock, blackrock circle, Circle, Circle Financial, fidelity, fidelity circle


What do you think about Blackrock, Fidelity, and other financial corporations investing in Circle? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Iran Will Not Allow Crypto Payments, Prepares to Pilot Digital Rial FINANCE | 1 day ago Derivatives Exchange Giant CME Group Adds 11 New Cryptocurrency Reference Rates FINANCE | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleJoystream Raises Additional $5.85 Million Dollars in Funding Next articleTerra’s Cross-Chain Bridge Now Supports Solana, Avalanche, Fantom, Moonbeam, Osmosis Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUS Bond Markets Signal Economic Downturn, Trend Forecaster Says if War Ensues "Odds of Recession Increase"


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