Blackrock and Fidelity to Invest in Crypto Firm Circle’s $400M Funding Round

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Blackrock, Fidelity, Marshall Wace and Fin Capital invest in crypto company Circle. Additionally, Blackrock, the world’s largest asset manager, has entered into a broader strategic partnership with the crypto firm.

Blackrock, Fidelity, Marshall Wace and Fin Capital to invest in Circle

Circle Internet Financial announced on Tuesday that it has reached an agreement for a $400 million funding round with investments from Blackrock Inc., Fidelity Management and Research, Marshall Wace LLP and Fin Capital.

Circle is the issuer of USD Coin (USDC). The USDC stablecoin has a market capitalization of around $51 billion and a market dominance of around 2.58% at the time of writing, based on data from Bitcoin.com Markets.

Expanding its partnership with Blackrock, the world’s largest asset manager, Circle detailed:

In addition to its corporate strategic investment and role as the primary asset manager of USDC’s cash reserves, Blackrock has entered into a broader strategic partnership with Circle, which includes exploring capital market applications for USDC.

Jeremy Allaire, co-founder and CEO of Circle, said, “Digital dollar currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure is at the center of that change. The funding round is expected to close in the second quarter.

Allaire further explained the importance of the partnership with Blackrock and the investments of other major companies in a series of tweets on Tuesday.

“With the Blackrock partnership, we are expanding our existing relationship with Blackrock for managing large reserve assets that support USDC to explore new ways to adopt USDC in commercial capital markets applications” , he described.

Circle’s CEO concluded, “As the United States seeks to take a leadership role in digital currency, we strongly believe that the power of private sector innovation, building on an open financial system on public blockchains, can cement America’s leadership role in the internet economy.” elaborate :

This is an important step on the road to the widespread adoption of digital currency.

What do you think of Blackrock, Fidelity and other financial companies investing in Circle? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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