Blackrock and Fidelity are among the investors in Circle. Marshall Wace and Fin Capital also invested. In addition, Blackrock, the world’s largest asset manager, has entered into a broader strategic partnership with the crypto firm.
Blackrock, Fidelity and Marshall Wace are Fin Capitals to Invest In Circle
Circle Internet Financial, which is based in Chicago, announced Tuesday it had entered into a $300 million financing round that included investments from Blackrock Inc. and Fidelity management and research, Marshall Wace LLP, Fin Capital, and Fidelity Management & Research.
Circle is USD Coin’s (USDC) issuer. According to data from Bitcoin.com Markets. USDC is a stablecoin with a market cap around $51 billion. Market dominance of approximately 2.58% as of the date of writing.
Expanding on its partnership with Blackrock, the world’s largest asset manager, Circle detailed:
Blackrock is a strategic partner with Circle. This partnership includes corporate strategic investments and its role as the primary asset manager for USDC cash reserves. It also explores capital market opportunities for USDC.
Jeremy Allaire, co-founder and CEO of Circle, commented: “Dollar digital currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure sits at the center of that change.” The funding round is expected to close in the second quarter.
Allaire also explained in tweets Tuesday what the investment from Blackrock means to him and how it relates to other companies.
“With the Blackrock partnership, we are expanding on our existing relationship with Blackrock for managing significant assets for the reserves that back USDC to explore new ways that USDC can be adopted in tradfi capital markets applications,” he described.
The Circle CEO concluded, “As the U.S. seeks out a leadership role in digital currency, we firmly believe that the strength of private sector innovation, building on an open financial system on public blockchains, can cement America’s leadership role in the internet economy,” elaborating:
This milestone is significant in the journey towards widespread adoption of digital currencies.
Let us know your thoughts on Blackrock, Fidelity and the other financial companies investing in Circle. Comment below to let us know your views.
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