Digital currency firm Circle launched the Circle Ventures fund to support early-stage blockchain projects and companies. The fund, which doesn’t have a predetermined monetary amount, has already deployed initial capital.
- “Circle’s mission is to raise global economic prosperity through the frictionless exchange of financial value. Achieving it is ambitious and will take a village of many, many people and projects and companies to develop the technologies, the products and protocols needed to get us there,” wrote Circle CFO Jeremy Fox-Geen in the announcement post.
- “Through Circle Ventures, we will be now able to bring our financial capital to bear, support these compelling early-stage companies in a new way, and accelerate their development and contributions to our shared mission,” Fox-Geen continued.
- Asked about the size of the fund, Circle told CoinDesk the company doesn’t know today how much money it will invest to support companies that accelerate its mission.
- Circle announced plans earlier this year to go public through a reverse merger with Concord Acquisition Corp, a publicly-traded special acquisition company. The deal, which values Circle at $4.5 billion, is expected to close before the end of the year.