Cryptocurrencies
Circle Says Bitmain Leads $110 Million Investment Round
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Circle Internet Financial Ltd. closed a funding round led by Bitcoin mining giant Bitmain Technologies Ltd. for $110 million -- and now it wants to build a better U.S. dollar.
The closely held mobile payments and cryptocurrency trading firm said the investment raises its valuation to about $3 billion, from a reported $480 million in 2016. 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.