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Goldman recently supported a cryptocurrency startup named Circle. The financial tech company behind Circle managed to rally an incredible $110 million investment on their previous fundraising campaign. Circle is currently hitting the $3 billion value after the previous round.

The previous $110 million round was led by one of the market leader Bitmain. The company is known for producing the ASIC bitcoin mining hardware. Some brand name such as AntMiner has been utilizing the ASIC hardware for their efficient mining strategies.

Circle looks to penetrate the market as a newer version of the dollar. Reports are claiming that the crypto is poised to be the better, faster, and the digital version of the United States’ greenback. "There are a number of banks who are excited about it and will support it," says the CEO of Circle, Jeremy Allaire,

Allaire also mentions that "It unlocks an incredible amount of power for the dollar," and "It's basically a dollar that operates on the blockchain."

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Goldman Bets on Circle’s Future Performance

The massive support from their recent round of fundraising came after the tremendous structure of the company. Circle has been regarded as one of the well-funded blockchains in the market, considering that it is still a start-up.

The startup also has a roster of investors that are backing them up. To name a few, Goldman Sachs has been vocally supporting the crypto, and Baidu has also been reportedly supporting the financial tech on their endeavor.

Some interesting facts about Circle in on how they operate. The crypto startup utilizes a peer-to-peer payment network through the use of blockchain. According to reports, the one that circle uses underpins what Bitcoin uses. Circle is also looking to solve the impending problem that most of the cryptocurrency face, volatility.

Another unique thing about Circle is having an open source environment. What that means is basically anyone could work on the project and also help with the development. The current project is run by a group named as the CENTRE.

The financial tech company is looking to emulate some of the dominant runs that popular crypto had in the previous months and years. Coins such as Bitcoin and Ethereum have been wildly popular in the market and even have a massive following, which includes the community of developers and investors who are backing up the cryptocurrencies.

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