Blackrock, Fidelity to Invest in Crypto Firm Circle’s $400 Mil | Kianite

Blackrock, Fidelity to Invest in Crypto Firm Circle’s $400 Million Funding Round

Blackrock, Fidelity, Marshall Wace, and Fin Capital are investing in crypto firm Circle. In addition, Blackrock, the world’s largest asset manager, has entered into a broader strategic partnership with the crypto firm.

Blackrock, Fidelity, Marshall Wace, Fin Capital to Invest in CircleCircle Internet Financial announced Tuesday that it has entered into an agreement for a $400 million funding round with investments from Blackrock Inc., Fidelity Management and Research, Marshall Wace LLP, and Fin Capital.Circle is the issuer of USD Coin (USDC). The stablecoin USDC has a market cap of about $51 billion and market dominance of about 2.58% at the time of writing, based on data from Bitcoin.com Markets.Expanding on its partnership with Blackrock, the world’s largest asset manager, Circle detailed:

In addition to its corporate strategic investment and role as a primary asset manager of USDC cash reserves, Blackrock has entered into a broader strategic partnership with Circle, which includes exploring capital market applications for USDC.