Circle, the Bitcoin wallet and exchange service provider which has taken aim at Coinbase’s market in recent months, has closed a $50 million funding round with investment bank Goldman Sachs in the lead.
Goldman Sachs has made statements very positive to Bitcoin in recent months, and so this funding round is no surprise. Last month, the bank released a report that said, “Innovations in network technology and cryptography could change the speed and mechanics of moving money.” The same report mentioned Circle as a disruptive force in financial markets, along with Coinbase and others. Last year, Goldman released a report specifically devoted to Bitcoin.
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Combined with other recent developments from Wall Street, such as the impending public offering of GBTC and NASDAQ Sweden’s new Bitcoin stock, it seems that the financial instruments for Bitcoin are beginning to grow up, preparing to take a seat at the hallowed table of traditional banking.
Circle CEO Jeremy Allaire said on the company’s blog:
We could not be happier with our new strategic investors. They bring unique, powerful capabilities and capital that will help us continue building a new kind of global consumer finance company, one based on open platforms, open source software, and ubiquitous mobile devices.
He also noted in the same post that the company is setting its sights on the Chinese market, and that another investor in this last round, IDG Capital Partners, a Chinese outfit, will help in this ambition.