Circle, a cryptocurrency finance firm backed by financial giant Goldman Sachs is reportedly looking into raising $250 million of funds via a combination of equity and debt, as revealed by an anonymous source familiar with the company’s plans, cited by the technology news website The Information on March 2.
According to the report, Circle generates its revenue from the trading fees on its cryptocurrency exchanges – Poloniex and the institutional offering Circle Trade. The firm has reportedly observed a decrease in its proceeds during the prolonged crypto winters as trading volumes have decreased as well.
Albeit, Circle’s co-founder Jeremy Allaire claimed in an interview with The Information that the company’s revenue has grown between 2017 and 2018 despite the fall in crypto prices. Notably, the over-the-counter (OTC) crypto trading desk at Circle (Circle Trade), have had a notional volume of $24 billion in 2018.
In January, Circle also released the third audit report for its dollar-backed stablecoin USD Coin (USDC), the coin was added by Binance to its combined stablecoin market in December last year.
In other related news, Gemini, the cryptocurrency exchange founded by the Winklevoss twins has joined the British Telecommunications Radianz Cloud broker community, with an aim to operate with a broader part of the institutional crypto trading market.
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