Circle Raises $50 Million With Goldman Sachs Support


Bitcoin financial services startup Circle Internet Financial has closed a $50m funding round.

The Boston-based company drew support from Goldman Sachs and China-based IDG Capital Partners, as well as all of Circle’s pool of existing investors, including Breyer Capital, General Catalyst Partners and Accel Partners.

Tom Jessop, managing director at Goldman Sachs’ Principal Strategic Investments Group, said the bank recognizes the need to invest in companies that “have the promise to transform global markets through technical innovation.”

Jessop added:

“We think that Circle’s product vision and exceptional management team present a compelling opportunity in the digital payments space.”

Quan Zhou, managing director of IDG Capital Partners and Circle board member, said that China in particular will be a major focus for the company as it looks to further internationalize its services.

“We are very excited about our investment and look forward to helping launch the company in the Chinese market where consumer adoption of innovative digital payment products is growing at a tremendous rate,” he said.

Circle has also announced the launch of new account features that enable customers to hold, send and receive US dollars. Those funds, according to the company, will be insured by the Federal Deposit Insurance Corporation.

The news follows

Read more ... source: CoinDesk