Boston-based Bitcoin company, Circle Internet Financial raised $17 million in Series B financing round which according to a company source will allow it to expand its offerings to consumers. All startup companies are often in the need of finances and in Bitcoin, it is even more important to get funds in the beginning itself as it boosts confidence of the company professionals.
With the latest funds coming, Circle Internet Financial would be able to reach to the new customers and better up its services even more. The major investor in the latest funding came from Oak Investment Partners. With addition of $17 million, the total investment has gone up to $26 million in a short time.
Some major investors which pooled in $26 include Breyer Capital, Accel Partners, General Catalyst Partners, Pantera Capital, the Bitcoin Opportunity Fund, SecondMarket CEO and founder Barry Silbert, etc. amongst others. With additional resources available at its disposal, Circle Internet Financial aims to bring new products and services as well.
The company says that along with the new dough, it would also offer its new consumer product called ‘Circle’ in a limited invite-only launch to consumers which will be made available later this year. Jeremy Allaire, Circle founder, chairman and CEO said that there are not a lot of credible companies building what his company is to make Bitcoin a mainstream currency.
Mr. Allaire also said that his company wants to go beyond the bunch of amateurs and enthusiasts that have dominated the early development of digital currency and make it easy for regular people to use. The major focus will be on making online tools to allow consumers to transact easily and safely.
The company that was formed only last fall with a $9 million Series A round, it has a war chest in line with its rivals. However, according to Mr. Allaire reducing much of the friction and risk that is currently associated with Bitcoin is what Circle Internet Financial is aiming and the fund it has able to collect will be used for that.
Now it has to be seen how long Circle Internet Financial sustains the onslaught digital currency is facing after the Bitcoin exchange Mt. Gox collapse. However, Mr. Allaire seems confident about Bitcoin when he says that it is at the foundation of changing how the world operates in the same way the early Internet was.
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