Goldman Sach’s Backed Circle Raises $110 Million To Create Dollar Pegged Cryptocurrency!

The new crypto payment start up Circle recently announced they raised $110 Million to fund the creation of a new dollar pegged cryptocurrency.

United States Dollar Tether (USDT) is commonly used across accross the majority of cryptocurrency exchanges at the moment and allows users to move funds away from the volatility of the crypto markets and store the funds in a stable, dollar pegged currency, all the while keeping the funds stored on the cryptocurrency exchange.

This allows users to buy and sell easily without actually having to go through the process of withdrawing, depositing and selling the cryptocurrency for cash. It’s commonly used among day traders looking to sell the profit and buy back in when the price dips.

Circle plan to create new dollar pegged cryptocurrency.

Circle want to make investing available to everyone. Their tagline is ‘Invest in crypto even if you’ve never invested in crypto’. They want to allow users to seamlessly and effortless transfer funds and value across countries, currencies and friends effortlessly.

The digital age demands increased connectivity and the old fashioned, expensive payment systems currently dominating the market are completely outdated.

It’s CRYPTO-powered and people-centric. Money that unites us instead of divides us. With OPEN platforms, mindsets and possibility. CONNECTINGEVERYONE, everywhere so we can exchange just about anything of value. And fundamentally shape the world for the better. WELCOME.

The new $110 Million has been invested mainly by Chinese based cryptocurrency mining firm Bitmain.

Circle recently acquired the cryptocurrency exchange Poloniex, which led to the announcement of their own cryptocurrency trading app, presumably powered by Poloniexe’s back end, with the benefit of a large customer base already using the site.
Goldman Sachs have been making a very interesting turn around recently in terms of their public statements regarding Bitcoin & Cryptocurrency. They recently hired a cryptocurrency trading expert to head up their own cryptocurrency trading exchange mid 2018!
Many other banks and financial institutions are also actively getting involved in cryptocurrency, with one in five organisations reportedly considering crypto trading.
By | 2018-06-28T17:07:21+00:00 May 16th, 2018|Cryptocurrency News|0 Comments

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