Circle Launches Venture Capital Fund for Early-Stage Blockchain Projects

Digital currency firm Circle launched the Circle Ventures fund to support early-stage blockchain projects and companies. The fund, which doesn’t have a predetermined monetary amount, 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 the announcement post. “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 continued. Asked about the size of the fund, Circle told CoinDesk the company doesn’t know today how much money it will invest to support companies that accelerate its mission. Circle announced plans earlier this year to go public through a reverse merger with Concord Acquisition Corp, a publicly-traded special acquisition company. 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

Share your thoughts