Goldman Sachs Just Launched A New Cryptocurrency

Circle Grabs $110M, Will Launch US Dollar-Backed Cryptocurrency

We can see the involvement of Centre with Bitmain, through conjunctive investment to assist in launching coins that are linked to other sanctioned currencies, or tenders obtained legally. Circle, which is Boston based startup is said to create a new cryptocurrency stabilized to the price of the US dollar, ensuring the businesses and consumers to transfer their worth more efficiently. Yes, technically this new digital coin made by Circle and Tether essentially do the same thing, but what makes them stand apart is their platforms.

In February, it emerged that Circle had confirmed the purchase of US-based Poloniex in a deal estimated at $400m that would enable Circle to directly compete with one of the biggest cryptocurrency exchanges in the world, Coinbase.

The unit, called "Circle USD Coin", will be backed by real reserves of US dollars and will aim to provide an efficient way for businesses and consumers to transfer value, Reuters reports.


Circle, a U.S. cryptocurrency startup which counts Goldman Sachs among its backers, has closed a US$100 million Series E funding round that lifts the firm's private valuation to almost US$3 billion. According to the company, the invention of blockchain-based computing and cryptographic assets has brought in a new era of the 'open internet.' However, it adds that 'a price-stable medium of exchange and store of value is missing, ' which is needed for 'global financial interoperability to function reliably and consistently'. Circle claims unlike their competitors, the stable coin would be based on the open source fiat stable coin framework developed and governed by CENTRE.

In a statement, the company said: "Bitmain is one of the most important and forward-thinking companies in crypto, and has become a critical infrastructure provider for the entire crypto economy". Bitmain will be a partner in the effort; the plan is for the company to help Centre launch multiple fiat-backed cryptocurrencies, Circle said. Boston-based Circle also said that it would develop a new digital currency pegged to the value of the U.S. dollar, allowing consumers and businesses to transfer value easily and more efficiently. It recently got hold on cryptocurrency exchange is known as Poloniex. Without naming Tether or Bitfinex, the Circle founders stated that other stablecoins "have lacked financial and operational transparency" and "operated in unregulated jurisdictions". We are excited to be working directly with Bitmain on realizing our shared vision.

Bitmain will also join CENTRE in building USDC. Initially announced late previous year, CENTRE would allow both cryptocurrencies and fiat currencies to be transferred in a digital form, that will be based on Ethereum blockchain with its own ERC-20 token.

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