Circle is known as the issuer of the second most popular stablecoin project called USDC. The company recently announced massive installment support issued by none other than Wall Street giant BlackRock. According to the official announcement by Circle management, BlackRock, the biggest asset management firm in the world, plans to invest $400 million into the cryptocurrency project.
Circle officials also claimed that the company would use the funds to expand its operations and research projects that would increase the efficiency of the project. The fintech startup was able to bag the investment offer following a fundraising campaign. The company also managed to get traction from commercial heavyweights like Fidelity, Marshall Wace, and Fin Capital, among others.
Circle’s Twitter Account Shares Details of the Fundraising Event
The official Twitter account of Circle recently posted an update sharing more details. The latest tweets claimed that the company is looking forward to seeing the price potential and market share of USDC grow significantly and wishes to expand its operations around the globe. According to the website of the stablecoin issuer, all the legal proceedings of the process are underway.
The website also explained that the stakeholders could expect the legal formalities to be completed before the end of Q2 of the ongoing year. Circle Twitter account also touted that after the latest funding commitments, the enterprise value of the organization has increased from $4.5 billion to $9 billion. It is worth noting that a large part of the market value of Circle was a contribution to the Concord Acquisition Corporation merger last month.
Circle CEO Jeremy Allaire recently told the media that the series of high-profile financial and technical ventures of the company is part of its global expansion plans. He further explained that these affiliations and partnerships would benefit the USDC holders by increasing their demand and making them available more universally.
Commenting on the matter, he claimed that in the upcoming days, the stablecoin projects like USDC that are pegged to USD are going to become the biggest drivers of financial autonomy and independence. He marked the BlackRock investment as the next evolutionary step for the global transformation of the organization.