Circle’s $60M in Chinese funding underscores Chinese bitcoin demand

It’s not only Chinese retail investors who’ve gone bullish on new digital payment systems and currencies such as bitcoin.

Large firms there are also making sizable investments in the blockchain, the technology underlying bitcoin, which hit a two-year high Monday on demand in China, then plunged 10% Tuesday.

A consortium of technology and financial firms in China has made a $60 million investment in the Chinese unit of Circle, a U.S.-based blockchain-payments startup.

The firms include Baidu (BIDU), the Chinese search giant; CICC Alpha, a growth-investing unit of the China International Capital Corp.; the private-equity arm of China EverBright Investment Management Ltd.; CreditEase, an online lender owned by Yirendai (YRD), a Chinese financial services firm traded in the U.S., and IDG Capital Partners which led the round, according to a draft copy of an upcoming blog post from Circle that I’ve seen.

Circle CEO Jeremy Allaire, who also founded video-advertising startup BrightCove (BCOV), which went public in the U.S. last year, and had a previous software company acquired for $360 million, confirmed the investment

Read more ... source: TheBitcoinNews

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