DYOR Crypto Wiki
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Basics

  • Founded in October 2013
  • A peer-to-peer payments technology company utilizing traditional fiat currencies and previously offering bitcoin, although support for the buying of bitcoins through Circle has now been removed
  • This removal resulted in a lot of 1 star reviews in the App Store, which Circle tried to counter with fake 5 star reviews. This was noticed however and they might get banned from the App Store completely.

Projects

  • Circle’s mobile payment platform, Circle Pay, allows users to hold, send, and receive traditional fiat currencies
  • Has a stablecoin, USDC, together with Coinbase.

Compliance

  • In September 2015, Circle received the first BitLicense issued from the New York State Department of Financial Services. In April 2016, the British government approved the first virtual currency licensure to Circle.
  • Has become more under scrutiny for its lack of transparency into what they have their reserves invested in (7-7-2021).
  • Circle has detailed (9-8-2021) its plans to become a National Digital Currency Bank operating under federal oversight. The move would see Circle comply with federal banking rules, which are much stricter than state banking regulation.
  • This week (8-10-2021), USDC-issuer Circle Financial revealed it received an “investigative subpoena” from the SEC’s Enforcement Division in July.

Team, investors, partners, etc.

Team

  • Allaire, Jeremy; founder & CEO
  • Neville, Sean; founder (stepped down (12-2019) as co-CEO he will remain on the board as an independent director. Left due to the sale of Poloniex)
  • Circle’s head of trading, Dan Matuszewski, has announced internally that he is moving on from the company: CoinDesk; he’s being replaced by Nick Gustafson, a Kraken and UBS alum.
  • Circle continues (7-2019) to shrink with two over the counter traders departing since May; that same month Circle cut 30 staff or 10% of its staff due to 'regulatory' concerns within the U.S., its primary mark.

Funding

"Among those taking part in the $440 million round were Fidelity, FTX, Digital Currency Group, Marshall Wace, Valor Capital Group, Pillar VC, Intersection Fintech Ventures, Atlas Merchant Capital and Willett Advisors, among others."

  • Is going public in a SPAC deal that values the crypto financial services firm at $4.5 billion (8-7-2021).

Partners

  • "According to recent LinkedIn post, Circle is hiring a General Partner to raise a $100M venture capital fund; the firm acquired SeedInvest earlier this year, and will be looking to leverage their deal flow and network of investors"
  • Circle also has Goldman Sachs and IDG Capital Partners, a China-focused investment firm as its investors that raised about $140 million and has a valuation of approximately $420 million. Update: "The Information reports that Circle is looking to raise a $250M round of debt and equity funding as they grapple with the impact of crypto winter; the company has raised $246M from the likes of Accel, General Catalyst, Goldman Sachs, Baidu, and IDG Capital, most recently a $110M Series E led by Chinese mining giant Bitmain at a nearly $3B valuation last year"
  • Partner with Bloq
  • Partner with Securitize
  • Founding member of the Crypto Rating Council (9-2019).
  • Is a partner with FTX, according to the About Us page of FTX (20-4-2020).
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