Circle, from USDC stablecoin, receives largest investment in crypto ever – Popularity of crypto is increasing rapidly

Circle from USDC stablecoin receives largest investment in crypto ever Popularity of crypto is increasing rapidly

Circle, the company behind the third largest stablecoin USD Coin (USDC) broke a record yesterday. Indeed, it has raised the largest investment in the crypto industry ever from a number of major investors. The company raised a total of $ 440 million, Forbes said.

The company’s stablecoin has made great strides in recent months, gradually stealing some of the tethers (USDT) market share. USDC’s market capitalization was $4.2 billion at the beginning of 2021. The stablecoin has since appreciated by more than 400% and now has a market cap of $22.2 billion. This puts it in 8th place among the largest cryptocurrencies in the market.

However, it is not the market cap that is impressive. The stablecoin processed $615 billion in transactions last year, which is an increase of a whopping 28,000%. These transactions were made by more than 10 million retail customers and 1,000 corporate customers. A well-run business!

A group of both institutional and strategic investors invested $440 million in the company. Investors include Fidelity, Digital Currency Group and cryptocurrency exchange FTX. The investment marks the largest ever in a crypto company.

Forbes notes how fast the crypto market is gaining popularity among traditional investors. It notes that of the 12 largest-ever investments in crypto companies, a whopping five were made in 2021.

Circle is pushing bitcoin (BTC) mining hardware manufacturer Bitmain off the throne. That company raised $422 million in 2018. Number three is BlockFi, which raised $350 million this year.

USD Coin was in the news recently. Visa will use the stablecoin to settle transactions. A huge step for the adoption of the stablecoin.

Leave a Reply

Your email address will not be published.