Goldman Sachs to Invest in Bitcoin Startup Circle

By April 30, 2015Bitcoin Business
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American multinational investment banking firm Goldman Sachs Group, Inc. recently announced to co-lead a $50 million funding round for Circle, a Boston-based Bitcoin brokerage company.

The Wall Street company however declined to offer any inside details about their investment, but humbly admitted that it has seen “significant opportunities in companies and solutions that have the promise to transform global markets through technical innovation.” Goldman had given a similar statement a month back where it called Bitcoin a mega-trend that promises to break the traditional barriers of payment networks and data analysis.

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Another company that is leading the Circle funding round alongside Goldman is China-based IDG Capital Partners, an investment firm that early contributed to popular Internet services like Tencent Holdings, Inc. and Baidu, Inc. Their involvement somewhat points towards Circle’s interest in entering the Chinese markets as well.

The dots get further connected with Circle’s recent announcement to include fiat currencies to their services, among which the US Dollar and Chinese Yuan are specifically highlighted. The company however is looking behind the practicalities of such a step, which may involve a bunch of regulatory hurdles, especially in China.

Circle CEO Jeremy Allaire however believes Bitcoin to have fallen victim to a number of nefarious crimes that ended up in driving away mainstream companies and investors. In his statements given to Quartz, he acknowledged companies like Goldman Sachs and IDG Capital Firms will bring legitimacy to the cryptocurrency space.

He further pointed out that his company is not looking towards making any money for now, while replying to the questions regarding their free services. It means that Goldman and IDG do not have any immediate capital interests in Circle, but are looking towards being a part of something that could literally overshadow traditional banking institutions in the future.

“We have ideas of how we can make money in the future,” Allaire meanwhile assured, “and no we can’t share it.”

The Wall Street company however declined to offer any inside details about their investment, but humbly admitted that it has seen “significant opportunities in companies and solutions that have the promise to transform global markets through technical innovation.” Goldman had given a similar statement a month back where it […]

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