Blockchain: Circle raises $ 60 million to conquer the Chinese market
The online payment application Circle has just completed a round of funding of 60 million dollars (53 million euros) with a consortium of Chinese investors. The operation was led by investment funds IDG Capital Partners and Breyer Capital. Chinese companies, such as Baidu, CICC Alpha, Wanxiang and CreditEase, also participated in this fundraising.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle is an application that allows you to send and receive payments all over the world, whether the interlocutor is in possession of Circle or not. Transactions are carried out via blockchain technology and secured by several algorithms.
China, another step in a global network
Through this process, Circle is positioning itself with a view to connecting the main currency areas of the world. This is particularly the case between the United States and the United Kingdom where the dollar, the euro and the pound sterling are linked by the application. This concept allows US and UK customers to send and receive payments instantly, free of charge. “Between the United States, Europe and China, there are over 2 billion consumers who will share the value, and we want to make this experience possible in the same way these consumers share messages and content today.», Explain the co-founders of Circle.
With this new investment, Circle wants to create “an open and global model for social payments”, in the words used in the press release of the Irish start-up. To achieve this, Circle launched a business in China to expand into Asia’s main economy. This new Beijing-based company aims to develop online payments via blockchain in the Chinese market.
In Europe, Circle is finalizing its approach to establish itself in Spain, “the first part of a wider deployment on a European scale” in the coming months. “We’re on track to surpass $ 1 billion in annual transaction volume, and Circle’s global customer base has grown 300% in the past 12 months, but we’re just getting started.», Specify Jeremy Allaire and Sean Neville.