Circle Looks to Offload Crowdfunding Platform, Focus on USDC Stablecoin | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
What was once a cryptocurrency trading behemoth has now gradually become a company focused on developing its stablecoin with a consortium of other companies. Circle, which oversaw almost $24 billion of cryptocurrency trade in 2018, has sold Poloniex and its OTC desk and is now looking to sell its crowdfunding platform, SeedInvest, as reported by The Block, February 13, 2020.
From Giant to Minnow
The story of Circle is quite fascinating to crypto natives. In a rapid fashion, Jeremy Allaire took the company from mere startup to an essential part of crypto’s financial infrastructure. With a similar motion, Circle has all but disbanded its ambitions to focus on one aspect of what was a thriving ecosystem.
Stablecoins are undoubtedly important, but the revenue from that one aspect alone would be minuscule relative to Poloniex and Circle OTC.
Selling SeedInvest, which Circle acquired for $400 million, seems to be a tell-all indicator that Circle is either slowing down or revamping their business model to fit a completely new agenda.
Stablecoins Can Carry Crypto
DeFi’s rise as a resilient crypto narrative has flung stablecoins into the retail and institutional limelight. DAI and USDC, in particular, have seen remarkable growth in usage over the last year.