Circle Raises $110 Million and Launches USD Backed Coin

Bitmain and Circle are collaborating to create fiat-based tokens backed by USD
16 May 2018   1917

In March 2018 we have reported about Circle, which was planning to launch mobile app to allow instant cryptocurrency trading with zero commission. In May 2018 Circle Internet Financial added Monero support for their cryptocurrency trading app Circle Invest, which was released in spring.

The mining company Bitmain Technologies was holding a funding round for Circle Internet Financial, and on May 15 it was closed for $110 million. According to Bloomberg, Bitmain and Circle are collaborating to create fiat-based tokens backed by USD, which will be released by Circle in summer.

It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.
 

Jeremy Allaire

Chief Executive Officer, Circle

The USD Coins of Circle will be issued under the ticker USDC and be stable coins having no volatility. USDC will be an ERC-20 token, based on the Ethereum network. According to Circle co-founder Sean Neville, the company hasn’t decided yet whether it will charge fees for trading USDC as the main goal is to boost USDC use among the users.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   246

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.