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Circle, a Goldman Sachs-backed cryptocurrency startup led by longtime technology executive Jeremy Allaire, has raised another $110 million, pushing its valuation to nearly $3 billion. The funding round was led by Bitcoin mining giant Bitmain Technologies Ltd. and now it wants to build a better U.S. dollar.
Bitmain and Circle are now partners in a venture to create fiat-based digital tokens, the first of which will be backed by U.S. dollars and issued by Circle in the summer.
Circle said that it would create a new cryptocurrency pegged to the price of the U.S. dollar, enabling businesses and consumers to transfer value more efficiently. Each token, called Circle USD Coin (USDC), will be backed by reserves of U.S. dollars, Circle said. The effort is set to begin this summer.
Circle was launched four years ago as a sort of “bitcoin for dummies” wallet and payment...
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