Circle, the digital currency company that jointly administers the USDC stablecoin with Coinbase, has launched the Circle Ventures fund to support early stage blockchain projects and companies.
- The fund doesn’t have a predetermined monetary amount, Circle told CoinDesk, and has already deployed initial capital.
- “Circle’s mission is to raise global economic prosperity through the frictionless exchange of financial value. Achieving it is ambitious and will take a village of many, many people and projects and companies to develop the technologies, the products and protocols needed to get us there,” wrote Circle CFO Jeremy Fox-Geen in a blog post announcing the launch.
- “Through Circle Ventures, we will be now able to bring our financial capital to bear, support these compelling early stage companies in a new way, and accelerate their development and contributions to our shared mission,” Fox-Geen added.
- Circle announced plans earlier this year to go public through a reverse merger with Concord Acquisition Corp., a publicly traded special purpose acquisition company (SPAC). The deal, which values Circle at $4.5 billion, is expected to close before the end of the year.
Read More: USDC Stablecoin Backer Circle to Go Public in $4.5B SPAC Deal