Circle has raised $110 million to launch stablon from Bitmain and other investors
Cryptocurrency startup Circle, backed by the financial giant Goldman Sachs, has announced plans to launch stablon, which will be secured by the US dollar in the ratio 1:1. As CNBC reports, it will be "better and faster digital version of the dollar".
Manufacturer of cryptocurrency miners Bitmain has led a successful campaign to raise funds in the amount of $110 million for the new initiative Circle. Among the contributors were also Digital Currency Group, Accel, Tusk Ventures, Blockchain Capital, Breyer, General Catalyst, IDG and Pantera.
Currently the company Circle is estimated at about $3 billion.
"The incredible power of the dollar"
Circle CEO Jeremy Allair (pictured) describes the currency as "a dollar that works on the blockchain", also saying that the efforts of a startup reveals the "incredible power of the dollar."
Here is what is included in his vision is bound currencies:
...open protocols, implying free flow of values; the really important aspect is mandatory transparency of the protocols and interoperability standards relating to the movement of Fiat currency on the blockchains. Depends on how Fiat stabilini and protocols of payments in the future will come into play.
USDC from the Circle will be based on Vietnam stabilise developed by the CENTRE. The network CENTRE.io is a cryptocurrency exchanges and wallets all over the world to ensure compatibility of the use tablconv and standard protocols.
Circle has earned a reputation as one of the most well-funded startups in the world and boasts an impressive list of investors, including the GS and Chinese Baidu.
The new currency Circle called the USDC is not the only stablein on the market. In Cryptoprotected already have companies like Tether, and TrueUSD Basis with its established coins pegged to stable currencies.
However, Jeremy Allair believes that the new Circle will fill the need for "alternative linked currency, which will meet the requirements of the law." He says:
When I look at the interpenetration of traditional Finance and Cryptoprotected, I see that this is what is needed. There are a number of banks that will love and support [the initiative].
It is also reported that the company has long-term plans for the production of bound versions of the Euro and the pound. CNBC notes that the startup "is hardly planning to make the binding of the major Asian currencies due to high competition in this market."