Circle plans to launch USD Backed Coin.

Circle is a cryptocurrency based firm and has recently announced that it has raised $110 Mn USD. Circle is now one of the most well-funded cryptocurrency companies in the US.

Circle is now launching its latest mobile project called ‘Centre’ and also revealed that there are plans to create a stable coin. The new cryptocurrency will be backed by the price and reserves of USD.

Various investors have invested such as Bitman Tech, Blockchain Capital, Pantera, Digital Currency Group and other firms. These firms have funded and Circle has raised more than $110 Million.

The company’s new token will be called as “USD-C” and will be based on Ethereum Network. Circle’s subsidiary firm “Center” will manage the token protocol.

Source: news.bitcoin.com

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