Circle Raises $110 Million in Funding, Valuation Approaches $3 Billion

Circle recently completed a $110 million Series E funding round, reaching a valuation of nearly $3 billion. The company also plans to issue a USD-pegged stablecoin, USD-C, through its CENTRE project.

During the 2018 New York Consensus Conference, Circle's CMO Marieke Flament gave an exclusive interview, sharing insights on the cryptocurrency market and Circle's development strategy in Asia.

Flament stated that, rather than viewing other payment tools as competitors, Circle prefers to see them as partners. Circle Pay hopes to collaborate and integrate with other payment tools in the future, for example, using APIs to integrate with instant messaging applications. They are also working to leverage social media to attract more customers.

Although China has a strict regulatory attitude towards digital currency trading, Flament believes that the Chinese government does not dismiss blockchain technology. On the contrary, the Chinese government can clearly distinguish what should and should not be done. The process of collaborating with Chinese investors is relatively smooth, as these investors understand Circle's development goals, and gaining support from Chinese capital also aids Circle's development in China.

Circle positions Asia as an important battleground for market growth and chooses Hong Kong as the base for its operations in the region. Circle Trade is its first business launched in Asia, providing large-scale digital currency trading services for institutions. Flament pointed out that the choice of Circle Trade as the first product in Asia is based on the growing demand for digital currency liquidity and considerations to avoid direct competition with major exchanges and payment institutions.

In terms of regulation, Circle has always been at the forefront. The company became the first to obtain a digital currency license from the New York State Department of Financial Services in 2015, and in 2016 it became the first to obtain an electronic money license from the UK's Financial Conduct Authority. Flament emphasized that in the blockchain field, the path to sustainability is to comply with regulations.

Circle has an internal legal compliance team that works closely with regulatory agencies to actively carry out anti-fraud and KYC efforts, ensuring that the business is compliant and legal. Flament believes that the most important issue between blockchain projects and regulatory agencies is mutual understanding, thus education and dialogue are crucial.

Regarding the trend of traditional financial institutions entering the cryptocurrency space, Flament stated that having more legitimate participants in the market is a good thing. When discussing Circle's decision to acquire a certain cryptocurrency exchange, she emphasized that cultural fit, strategic alignment, and talent support are the most important considerations.