Goldman Sachs Completely Embraces Cryptocurrency With Its Own Coin

18 May, 2018, 15:36 | Author: Brooke Harris
  • A'Compliant Alternative to Tether

Bitcoin and blockchain startup Circle Internet Financial, Inc. has raised $110 million in new funding as a "strategic investment" while also announcing its intent to launch a new cryptocurrency tied to the USA dollar.

The series E funding round includes significant investors such as Bitmain Technologies, Blockchain Capital, Pantera, Digital Currency Group and more venture firms.

Along with this new investment round, Circle has also announced that it will be launching a new stable cryptocurrency, Circle USD (USDC) which would be pegged to the US Dollar enabling businesses and consumers to transfer values more efficiently.

A token pegged to the United States 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. You should not treat any information on smartereum.com 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.

Poloniex has grown to become one of the world's leading token marketplaces. CENTRE, according to Circle, will be providing independent oversight of this new coin.

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"It's a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security", Circle CEO Jeremy Allaire said in an interview at an industry conference Monday. Not only could this provide new meaning and new uses for the US Dollar, as ever, this sort of integration will in turn encourage more and more people to start using cryptocurrencies.

USDC will be included in Circle Pay, the company's headline app, as well as in its Circle Trade market-making platform.

As noted by Allaire, the play is a strategic one that finds Circle taking aim at one of the most important elements of the crypto economy. The company offers a cryptocurrency investment service, a payment service that offers global transfers called Circle Pay, an over-the-counter service for cryptotrading called Circle Trade, and Polinex, the cryptocurrency exchange it acquired in February. However, because of some of the previous actions by Bitfinex and Tether, some in the crypto-community are still skeptical of fiat-backed 'stablecoins'.

"To realize the vision for ubiquitous payments, we need there to be currencies that can be stored, settled and used", Allaire continued. USDC would be an ERC-20 Token on the Ethereum Network based on the network rules defined by CENTRE. (The company said more announcements on the project are expected this summer).

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