Circle raises largest-ever VC round for a crypto business

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Circle, a Boston-based provider of payment and treasury infrastructure solutions for online businesses, raised $440 million.

Why it matters: It's the largest-ever VC round for a crypto business.

Get market news worthy of your time with Axios Markets. Subscribe for free.

Details: Axios has learned the deal was done at around a $3.5 billion pre-money valuation, but that the price could climb based on specifics of an anticipated public listing (most likely via SPAC).

Investors: Fidelity, Marshall Wace, Willett Advisors, Intersection Fintech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Valor Capital Group, Pillar VC and Michael J. Price and Friends.

The bottom line: Circle works with lots of bitcoin-related companies, but is really banking on becoming a clearinghouse for stablecoins like its own dollar-pegged USDC — whose supply recently exceeded $20 billion and from which Circle makes money via the underlying dollar reserves.

More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting