BlackRock enters the crypto business

Crypto company Circle has announced the closing of a $400 million funding round.

Participating in the financing are the world's largest wealth manager, BlackRock , Fidelity Management , Marshall Wace LLP and Fin Capital .

Circle is the issuer of the USD Coin (USDC) stablecoin.

USD Coin is a US dollar-pegged stablecoin with a market cap of $50 billion.

"In addition to its strategic corporate investment and role as the primary asset manager of USDC cash reserves, BlackRock has entered into a broader strategic partnership with Circle," according to the press release .

“Dollar digital currencies like USDC are driving a global economic transformation, and Circle's technology infrastructure is at the center of that transformation. This round of funding will continue to fuel Circle's growth,” said Jeremy Allaire, co-founder and CEO of Circle.

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