Report: Bitcoin and Blockchain startup Circle raising $250M ahead of a possible IPO

By March 4, 2019Bitcoin Business
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Bitcoin and blockchain startup Circle Internet Financial Inc. is looking to raise an additional $250 million in funding ahead of possible initial public offering according to an unconfirmed report published Saturday.

The Information claims that the round will consist of equity and debt financing and would be used to further expand its operations and product offerings.

The decision to raise additional capital is claimed to be part of a plan to gain further market share against Coinbase Inc. and other competitors before looking to go public either later this year or in 2020.

In 2013, Circle initially started as a consumer finance company utilizing blockchain technology but has since evolved into cryptocurrency investment, exchange and payments service.

The company has four main products.

Circle Pay is a registered money transmission service that allows users to send money to other users in various currencies with cryptocurrency being used as the transfer vehicle; Circle Trade is an over-the-counter cryptocurrency exchange for high end trading with a minimum trade of $250,000; Circle Invest is a service that allows people to invest in cryptocurrencies; and Polinex, a crypto exchange acquired by Circle in February 2018 that allows customers to buy and sell cryptocurrency as they please.

In recent times Circle has been both expanding and looking to expand its services.

Circle entered the stablecoin space – coins that a tied to a fixed asset, usually U.S. dollars, in September with the launch of the USD//Coin. Support for the stablecoin was subsequently added by Coinbase, giving it even wider exposure.

A report in June suggested that Circle was attempting to obtain a banking license in the U.S. so as to be able to offer additional services to its users.

Coming into a possible new round of funding, Circle had last raised $110 million in May and $60 million in June 2016. A rumored valuation as of its last round was $3 billion.

Previous investors include Bitmain, IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, Pantera, Blockchain Capital and Tusk Ventures.

Image: Circle

Cisco Multicloud Showcase

Sachin Gupta of Cisco's Enterprise Networking Business states how SD-WAN enables the multicloud.

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Cisco Sponsored Videos - Powered by @theCUBE Interviews and Cisco Experts. Check out the Cisco Multicloud Showcase Content

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  • 01:19Sachin Gupta of Cisco's Enterprise Networking Business states how SD-WAN enables the multicloud.Playing
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