Circle Has Raised A Total Of $26 Million And Their Product Has Entered Closed Beta

March 26, 2014 15:47 UTC

Today, in a press release, Circle announced:

BOSTON, MASS. – March 26, 2014 – Circle Internet Financial, a digital currency company, today announced that it has closed $17 million in Series B financing, bringing its total raise to date to $26 million.

For those that remember, back at the end of October, Circle announced the end of their Series A funding, to the tune of $9 million.  The funds for Series A came from big names including Breyer Capital, Accel Partners, and General Catalyst Partners.  At the time, Circle was still tight lipped about their service, other than the fact that it would “bring Bitcoin to the masses.”

Since Circle’s reveal in 2013, they have kept out of the news without any direct hints as to what their product would be. The only time that Circle made the news was with new hires, of which they had more than a few.

Old Investors Return, New Investors Hop On

Circle’s blog post announcement revealed that all Series A funders had come back for Series B, along with the new Oak Investment Partners.  Additionally, Team Circle also revealed:

The Series B financing also included strategic investors Pantera Capital; the Bitcoin Opportunity Fund of Barry Silbert, founder and chief executive officer of SecondMarket, Inc. and founder of the Bitcoin Investment Trust; Leonard H. Schrank, former chief executive officer of SWIFT (Society for Worldwide Interbank Financial Telecommunication); and, Circle board member M. Michele Burns. Fenway Summer, a leading consumer finance advisory and venture firm led by Circle board member Raj Date.

The varied background of Circles’ supporters highlights the wide base support that Circle has generated in the VC community.  Now that Circle has successfully raised a whopping total of $26 million, many consumers are even more curious as to what Circle’s product exactly is.

Circle Plans To Take On Coinbase

Ryan Selkis, the Two-Bit Idiot, has written a lot on the topic of Circle, since its veiled deployment last year.  Many Bitcoiners hadn’t heard of the $9 million in Series A funding, and likely were wondering what Circle CEO Jeremy Allaire was doing at the Senate Hearings back in November.

The popular thought is that Circle will become a “Bitcoin Bank”.  If you think about, Coinbase is essentially used as such by most American Bitcoiners.  Circle plans to take their qualified team and make the entire user experience of going to and from fiat to digital currency a breeze for consumers.  In their press release, the only statement regarding Circle’s forthcoming product promised “to allow consumers and businesses to use digital currency easily, reducing much of the friction and risk that is associated with Bitcoin.”

Circle will offer wallet and exchange services, likely internationally.  What and how Circle’s product works is an answer that few can provide right now.  However, that number is growing.

Circle’s Forthcoming Products Are Now In Beta

Also with today’s announcement, Circle revealed that their products entered limited release today to beta testers.  If you’re interested, you can request an invite directly from Circle’s website.

Last modified: June 16, 2019 15:04 UTC

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