Circle Raises Over $200 Million for the Arc Blockchain Token Presale

Circle Internet Group has raised $222 million in a presale of the ARC token tied to its new Arc blockchain network valuing the project at roughly $3 billion, according to reports.

The raise drew backing from investors including

• Andreessen Horowitz (a16z),
• BlackRock,
• Apollo,
• Intercontinental Exchange,
• SBI Group and
• ARK Invest,

as Circle pushes beyond its core USDC stablecoin business into blockchain infrastructure.

Circle said Arc is designed as a stablecoin-focused blockchain network aimed at supporting large-scale on-chain payments and AI-driven financial applications. a16z reportedly led the round with a $75 million investment.

The fundraising announcement came alongside Circle’s first-quarter earnings report where the company beat earnings expectations but missed revenue estimates.

• Circle reported revenue and reserve income of $694 million, while
• USDC circulation rose 28% year-over-year to $77 billion.

CEO, Jeremy Allaire, said the convergence of artificial intelligence and blockchain-based money is creating a new ‘internet economic system,’ with Arc positioned as part of that infrastructure expansion.

Stay tuned to BitKE on crypto developments globally.

Join our WhatsApp channel here.

Follow us on X for the latest posts and updates

Join and interact with our Telegram community

___________________________________________