Top-Tier Backing, Circle Raises $222 Million in Funding Round Led by BlackRock, a16z, and NYSE Parent Company

BlockBeats News, May 11th, according to CNBC's report, Circle Internet Group raised $222 million in a presale of its new blockchain's native token ARC. The company is seeking to expand beyond its core business of issuing the USDC stablecoin. This funding round has brought Arc's fully diluted network valuation to $30 billion.

Andreessen Horowitz (a16z) led this funding round with a $75 million investment. Other investors include BlackRock, Apollo Funds, Intercontinental Exchange (the parent company of the New York Stock Exchange), SBI Group, Janus Henderson Investors, Standard Chartered Ventures, General Catalyst, Marshall Wace, ARK Invest, IDG Capital, Haun Ventures, and the cryptocurrency exchange and CoinDesk's parent company, Bullish.

As the holder of 25% of the initial 10 billion token supply of ARC, Circle can participate in running validator infrastructure, receive new fee income, and earn staking rewards. Most of the tokens (60%) will be allocated to participants building, using, and contributing to the Arc network. The remaining 15% will be allocated to a long-term reserve.