US-based blockchain payment platform developer Circle has formed a corporate venture capital vehicle of undisclosed size dubbed Circle Ventures.
The fund will back early-stage blockchain technology developers, having already deployed some capital, Circle told CoinDesk.
Founded in 2013, Circle provides a digital payment software tool that helps enterprise customers conduct transactions using a stablecoin – a form of cryptocurrency backed by safe reserves such as fiat money – called USD Coin.
Circle chief financial officer Jeremy Fox-Geen said in a blog post: “Through Circle Ventures, we will be now able to bring our financial capital to bear, support these compelling early-stage companies in a new way and accelerate their development and contributions to our shared mission.”
