Circle, the main operator of the UDC Coin (USDC) and a leading peer-to-peer payments platform, has announced a $400 million fundraising round as well as a new partnership with the American financial firm BlackRock.
Circle officially announced Tuesday that the USDC issuer has entered into an agreement for a fundraising round that would include investors such as BlackRock, the financial advice company Fidelity Management and Research, the London-based hedge fund Marshall Wace, and Fin Capital. The funding round is expected to finish in the second quarter of 2022.
BlackRock and Circle plans on strategic partnership
In addition to providing strategic investment and serving as the principal asset manager for USDC cash reserves, BlackRock has entered into a deeper strategic partnership with Circle. According to the release, the partnership intends to investigate capital market applications for USDC.
Circle’s development will be helped by the funding, which comes at a time when demand for the US dollar-based digital currency is on the rise. After launching in September 2018, USDC is one of the fastest-growing dollar digital currencies, with a market valuation of $50 billion by February 2022.
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