One of the top bank-backed crypto fintech company, Circle is on a plan to raise $250 million in funding round – and if it does, Circle would be one of the latest crypto startups to raise millions despite the market crash, as per the reports.
Yet Another Funding Plan
To note, the Circle cryptocurrency exchange had already raised $110 in Series E round that comes around $3billion in valuation. However, it had also succeeded $246 million from multiple investors. Consequently, investors for its previous funding round include; Bitmain, Goldman Sachs (GS), Accel, Baidu, Blockchain Capital, Pantera Capital, IDG Capital, and Digital Currency Group.
It’s quite worth to note that Boston based Circle had acquired Poloniex exchange on Feb 25th a year ago and has recently marked its anniversary with 50% off trading fees all day. It had acquired the currency 74th ranked Poloniex (according to Coinmarketcap) for $400 million.
Tomorrow marks the one year anniversary of Circle welcoming Poloniex to the family.
To celebrate, we’re offering 50% off trading fees all day! https://t.co/9lYFyYrfXV
— Poloniex Exchange (@Poloniex) February 25, 2019
Following the steep crash in Bitcoin and other leading altcoins, major blockchain based firms are already laid off their staffs – including Bitmain, Huobi, Shapeshift and more. However, there’s no specific reason revealed why Circle is on a mission to raise millions, citing the declining market. Nevertheless, its worth to note that the firm is likely interested in further market share across various platforms through its array of businesses – Circle Invest, Circle trade, and Poloniex.
Moreover, Circle crypto firm is well performing – in fact, its official blog revealed, that the revenue of Circle actually grew between 2017 and 2018. Per the blog information, Circle is handling more than $24billion in cryptocurrency trade in 2018 alone.
Overall Circle grew significantly, and we now serve more than 8 million customers from over 175 countries. Across all products and services, we facilitated more than 200 million transactions that totalled roughly $75 billion in value, and those transactions spanned exchange trades, blockchain settlements and traditional bank and card network rails.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com