The company behind the second-largest stablecoin by market cap has successfully raised $222 million in the presale of a token tied to its new blockchain called Arc.<\/p>\n
The fully diluted valuation has risen to $3 billion, while company CEO Jeremy Allaire hinted that the firm will also enter into the \u201capps business.\u201d<\/p>\n
The Q1 results press release<\/a> from Circle informed that the USDC in circulation grew 28% during the first quarter of the year and reached $77 billion. More impressively, the USDC on-chain transaction volume jumped by over 260% to $21.5 trillion. The total revenue and reserve income in Q1 of $694 million showed an increase of 20%.<\/p>\n The $222 million presale raise at a $3 billion fully diluted network valuation saw participation by many industry and legacy giants, including ARK Invest, BlackRock, Bullish, Intercontinental Exchange, SBI Ground, and Standard Chartered Ventures.<\/p>\n The white paper for the upcoming asset, ARC Token, went live today and reportedly outlines how \u201ca native coordination asset could support governance, security, and network operations\u201d on the Arc blockchain.<\/p>\n \u201cWe\u2019re entering the operating system business, and we\u2019re doing it by building this multi-stakeholder distributed model with a token, with a distributed network \u2026 and we\u2019re also getting into the apps business,\u201d CEO Allaire told<\/a> CNBC.<\/p>\n The chief exec added that the launch of the company\u2019s Agent Stack will build trusted infrastructure for \u201cAI-native economic activity and a more programmable internet financial system.\u201d<\/p>\n Circle\u2019s stock price (CRCL) is up by over 2% in pre-market activity. Recall that the shares rocketed<\/a> by 20% last week after two US senators announced a bipartisan compromise of the most contentious issues regarding the highly anticipated stablecoin deal.<\/p>\n The post BlackRock Bets on Circle\u2019s Arc: $222M Raised in Major Token Presale<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The company behind the second-largest stablecoin by market cap has successfully raised $222 million in the presale of a token tied to its new blockchain called Arc. The fully diluted valuation has risen to $3 billion, while company CEO Jeremy Allaire hinted that the firm will also enter into the \u201capps business.\u201d The Q1 results […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-163748","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/163748"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=163748"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/163748\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=163748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=163748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=163748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}