Goldman Sachs Completely Embraces Cryptocurrency With Its Own Coin

The logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange

The start-up company announced its new digital token that would be pegged to the United States dollar yesterday at Consensus 2018.

In addition to the digital version of the US dollar, Circle announced a $110 million funding round led by cryptocurrency mining company Bitman, bringing its capitalisation to almost $3 billion.

After Circle acquired popular cryptocurrency exchange Poloniex earlier this year, the company has been seen making some developmental changes with respect to the services on the platform. But with USD Coin, Circle says it aims to address some of the weaknesses of existing fiat-backed cryptocurrencies by "providing detailed financial and operational transparency, operating within the regulated framework of USA money transmission laws", and working with banks and auditors. This means that the mobile payments company, which also offers cryptocurrency trading facilities, is now valued at somewhere in the region of $3bn - with previous backers including Goldman Sachs and Baidu.

With the latest investment, Circle's market value has crossed $3 billion.

The new cryptocurrency (USDC) will be based on the open fiat stable coin framework developed and governed by CENTRE.

In Circle, Bitmain has selected a pedigreed project it feels can finally crack the code of supporting a U.S. dollar-pegged stablecoin. CENTRE will be defined by a set of open-source protocols that manage the network and transfer funds.

"It is hard to use something like bitcoin if the volatility is so high", Circle Chief Executive Officer Jeremy Allaire said at a media event. Ever since the announcement of the acquisition of Poloniex -one of the oldest and most recognized exchanges in the crypto sphere- the company's renewal efforts have been extremely beneficial both to the corporation and to the ecosystem as a whole. Circle is aiming to build a bridge between them, betting that it would make for a more inclusive consumer payments environment.

In a statement, the company said: "Bitmain is one of the most important and forward-thinking companies in crypto, and has become a critical infrastructure provider for the entire crypto economy". We are excited to be working directly with Bitmain on realizing our shared vision.

That's why Circle is creating a token that is pegged to the USA dollar.

Further, Circle claims they would be open to detailed and transparent financial & operational audits since they operate within the regulated framework of USA money transmission laws.

CENTRE makes further use of the token standard, however, as node operators - whether they be an app operator, a bank or another financial institution - could issue their own ERC-20 tokens tied to a particular fiat currency to send between other parties on the CENTRE network.

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