Topic: Circle Raises $50 Million With Goldman Sachs Support - page 2. (Read 1225 times)

Today we announced a major step forward in the execution of our vision and product strategy. We've closed a new $50 million strategic investment round co-led by Goldman Sachs and IDG Capital Partners.

And for the first time, we're giving Circle customers the ability to hold, send, and receive US dollars as well as bitcoin -- instantly, securely, and with no fees. In addition to sending and receiving dollars, customers can also enjoy the benefits of the Bitcoin network without the risk of price volatility.

IDG Capital Partners likewise brings a strategic capability to Circle as we bring our products and services to China. We believe in a hybrid digital economy in which value moves freely around the world and converts into other currencies -- including both crypto and fiat currencies -- seamlessly, safely, and instantly. People will transact and trade both locally and across the globe more freely and more securely than has ever before been possible. And that means growing our platform to include important economies and currencies such as US Dollars and Chinese Yuan.

We’re also introducing new US dollar features that enable customers to hold, send, and receive dollars. Customers with dollar accounts gain all of the benefits of digital currency -- instant, secure and free payments to anyone in the world -- without holding or explicitly converting dollars into bitcoins. Dollar account balances held by Circle customers are FDIC-insured.

Circle’s robust support for Bitcoin also gets even better. If customers choose to hold dollars instead of bitcoin balances, they can still pay any person or merchant who accepts payment in bitcoin, without ever holding bitcoin themselves. Circle will handle instant conversion from dollars into bitcoin at the time of the payment. The reverse is also true: customers can accept bitcoin and expect Circle to convert it instantly into dollars in their Circle accounts. This gives customers the benefits of bitcoin payments without the risk of price volatility.