First Products Emerge as Circle Raises $17 Million in Series B Funding

As it slowly emerges from stealth mode today, Circle Internet Financial has announced that it has closed a Series B $17 million financing round. The investment follows a $9 million A round last October. Following its first investment round, Circle was quiet about its plans, but appeared headed to be creating consumer tools for owning and handling bitcoins. Circle CEO, Jeremy Allaire also participated in a joint statement from leading digital currency firm leaders following the demise of MtGox, indicating that his firm’s products would be in-line with items being offered by fellow statement signees Coinbase, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.info, and Kraken.

Although secretive on its planned products, Circle generated a buzz when it announced its initial funding due to the investment at the time being the largest announced deal in the bitcoin space.

Initial investors included Jim Breyer, Accel Partners, and General Catalyst Partners, that had participated in funding Allaire’s previous firm, Brightcove. Leading this round is Oak Investment Partners, and are being joined by Barry Silbert’s Bitcoin Oppurtunity Fund, and Pantera Capital. Also investing were individuals from the payment and financial space including former SWIFT CEO Leonard H. Schrank, Circle board member M. Michele Burns, Fenway Summers, and Raj Date.

Simultaneous with the funding announcement, Circle has begun to release its consumer product to a limited group of users, with its wide-scale general launch expected later this year. Although limiting information about the release, in its public statement, Circle commented “The company’s forthcoming products, which entered limited availability release today, promise to allow consumers and businesses to use digital currency easily, reducing much of the friction and risk that is currently associated with Bitcoin.”

Commenting on the news, Allaire stated “We are thrilled to have such a strong showing of support and vote of confidence from world-class investors and strategic individuals as we move into the commercial phase of Circle. With accelerating consumer and business interest in digital currency all around the world, it’s critical that we have the capital and leadership team to execute on our vision for consumer finance and global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term built on Bitcoin.”