Circle, which is among the biggest cryptocurrency trading giants, is apparently seeking to raise $250 million according to sources close to the initiative. As the leading operator of the Poloniex cryptocurrency exchange and a giant that is always part of our DC Forecasts crypto news site headlines, Circle acquired Poloniex for $400 million in an attempt to make most out of the Bitcoin and crypto frenzy.
At its last funding round, Circle was valued at $3 billion, when it raised $110 million which were largely from Bitmain, the world’s leading manufacturer of Bitcoin and other crypto mining hardware. So far, Circle has raised $246 million with other investments coming from Goldman Sachs, IDG Capital and Baidu of China.
Even though the $3 billion valuation may have decreased a bit since then (and some even think it has shrunk to $750 million because of the market downturn), a successful fundraising round could prove that Circle can attract an investment of the size of $250 million.
The CEO of the company Jeremy Allaire stated that Circle is always interested in alternative sources of capital, neither confirming nor denying that the company is in a dire need of new funding or that it is the only way to alleviate the negative impact of the downturn.
Aside from this, Allaire is confident that the Bitcoin price will soar over the next three years, as he told media outlets a month ago.
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