US-based blockchain payment platform developer Circle has closed a $440m round that included cryptocurrency exchange FTX, reportedly the largest round so far for a crypto-focused company.
Financial services and investment groups Fidelity and Digital Currency Group (DCG) also took part in the round, as did Atlas Merchant Capital, Breyer Capital, Intersection Fintech Ventures, Marshall Wace, Pillar VC, Valor Capital Group, Willett Advisors and Michael J Price and Friends.
Founded in 2013, Circle provides peer-to-peer financial software which helps users invest, transfer and trade virtual and traditional currencies. It claims to have supported more than 100 million transactions totalling tens of billions of dollars altogether.
Circle co-founder and chief executive Jeremy Allaire said: “With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team.”
The company is also looking to merge with a special-purpose acquisition company to go public at a targeted $4bn valuation, two individuals privy to the matter told The Block.
DCG had provided $25m for Circle in July 2020 after backing a $110m round two years earlier at a $3bn valuation post-money. Bitcoin miner Bitmain led the 2018 round, which included Accel, Blockchain Capital, Breyer Capital, General Catalyst, IDG Capital, Pantera Capital and Tusk Ventures, lifting its total funding to $246m.
Circle had completed a $60m series D round at a $480m valuation in 2016 that was co-led by Breyer Capital and IDG Capital and backed by internet group Baidu, online loan provider CreditEase and car component manufacturer Wanxiang.
China International Capital Corporation’s CICC Alpha fund, Everbright, General Catalyst, Sam Palmisano and Glenn Hutchins filled out the series D participants. Investment bank Goldman Sachs, Bitcoin Opportunity Fund, Fenway Summer and Oak Investment Partners are among its earlier investors.
