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finance startup Circle Internet is reportedly looking to raise a further $ million in funding.

A report from The Information on Saturday, citing a source with knowledge of the matter, said that Circle is seeking to raise the funding via a combination of equity and debt financing.

They added that the reason for the move is that the firm’s business has been affected by the prolonged cryptocurrency bear . Circle has not confirmed the source’s claim, The Information said.

The Goldman Sachs-backed firm has previously raised at least $24 million, according to Crunchbase.

Circle raised $110 million in a Series E funding round last spring that effectively valued the startup at nearly $3 billion. The round was led by Chinese crypto mining Bitmain, with Accel, Capital, Digital Currency Group, IDG, Pantera and others also participating.

Jeremy Allaire, the firm’s CEO, told at the time that the round would help the firm position itself as a conglomerate of cryptocurrency services.

The company offers several services, including crypto buying via its Circle Invest , an over-the-counter (OTC) trading desk launched for institutional clients last September and cryptocurrency exchange Poloniex, which it acquired in February 2018.

Circle also has a dollar-pegged stablecoin called USD Coin (USDC) that it developed with help from the CENTRE affiliate consortium. It was seeking to register as a federally licensed bank in the U.S. back in June.

With its March investment round, Circle became a part of the “crypto unicorn” club, alongside U.S.-based cryptocurrency exchange Coinbase.

Circle image via CoinDesk archives 



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