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Circle Launches $50M Venture Fund to Invest in Blockchain Projects

Circle Internet Financial Limited, the principal operator of USDC, has launched a Venture Fund seeking to invest $50 million into early-stage blockchain projects and to also expand to Singapore. Circle has always sought to level the playing field of entrepreneurs and investors.

According to reports, the Venture portfolio companies will have access to SeedInvest’s network which has over 500,000 investors. In addition, they will have comprehensive experience with compliant internet capital formation. SeedInvest is a startup equity crowdfunding that has been operated by Circle since 2019.

According to the Chief Strategy Officer and Head of Global Policy at Circle, Dante Disparte, Circle has a larger mission of advancing innovation in the financial services, and the newly launched Venture Fund will be a corporate activity that fits into this vision rather than being a standalone business. He also disclosed that the money would be taken directly from Circle’s balance sheet, and will be managed by the CFO at Circle Jeremy Fox-Geen. 

According to Fox-Geen, the company since its invention has always had the blockchain and crypto industry at heart. 

“Since our inception, Circle has envisioned how to help scale the greater blockchain and crypto ecosystem. Circle Ventures is another way to contribute, and we’re excited to support our industry’s innovators and entrepreneurs and identify compelling early-stage companies, technologies, projects, and protocols to help realize our mission, ” said Fox-Geen.

Circle Venture was recently reported to have contributed to the Series A funding round of a Japanese stablecoin project, JPYC. Speaking to reporters, Disparte explained that stablecoins have incredible benefits of helping underserved communities financially, ensuring a table payment mechanism and banking experience at the speed of the internet. He also mentioned that cryptocurrency can help meet the needs of millions of unbanked people across the world. 

“These unbanked customers are increasingly avoiding outdated bank infrastructure that doesn’t suit their needs, while digital currencies propose a completely new financial model for people around the world,” he said.

It is important to note that Circle has not stated the targeted number of companies they seek to support. 

In a separate announcement, it was disclosed that the company is accelerating its move to expand to Singapore. For now, they need approval from regulators in the country to open an office and start hiring employees. 

“You simply cannot contemplate building a global fintech of any seriousness or any stature, without also contemplating … Singapore. The country, from a regulatory vantage point, a talent vantage point, a geographic vantage point, is a beacon, ” said Disparte.

Despite the company priding itself as being headquartered on the internet, it is known that Circle has a physical office in Boston with about 70 local employees. Circle has over 300 workers according to reports. 

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Circle Launches $50M Venture Fund to Invest in Blockchain Projects